Proceeds of issue: permissible receipt channels and required information obligations govern depository receipt funds remittance. Proceeds of issue of Global Depository Receipts must be remitted to an Indian bank account, deposited with an Indian bank operating abroad, or with a ... Summary
Proceeds of issue: permissible receipt channels and required information obligations govern depository receipt funds remittance.
Proceeds of issue of Global Depository Receipts must be remitted to an Indian bank account, deposited with an Indian bank operating abroad, or with a foreign scheduled bank having operations in India that agrees to furnish required information; for sponsored issues, sale proceeds are to be credited to shareholders' bank accounts. Proceeds may alternatively be remitted to an International Financial Services Centre Banking Unit and used according to monetary regulator instructions.
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