Sponsored ADRs/GDRs proceeds: resident holders may receive foreign currency sale proceeds with FIPB approval, credited to designated accounts. Resident shareholders converting shares into sponsored ADRs/GDRs may receive disinvestment proceeds in foreign currency provided the conversion has FIPB approval; proceeds may be credited to EEFC/RFC(D) accounts or Rupee accounts in India. Persons who were residents when offering shares but have become non-residents may elect credit to foreign currency accounts abroad or any of their accounts in India. The facility is available until further notice and regulatory amendments will follow.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Sponsored ADRs/GDRs proceeds: resident holders may receive foreign currency sale proceeds with FIPB approval, credited to designated accounts.
Resident shareholders converting shares into sponsored ADRs/GDRs may receive disinvestment proceeds in foreign currency provided the conversion has FIPB approval; proceeds may be credited to EEFC/RFC(D) accounts or Rupee accounts in India. Persons who were residents when offering shares but have become non-residents may elect credit to foreign currency accounts abroad or any of their accounts in India. The facility is available until further notice and regulatory amendments will follow.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
