Amendments relating to Global Depository receipts (GDRs)

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Question - What are the proposed amendments in Global Depository receipts (GDRs) in Finance Bill 2015 ?

AI Summary

Proposed Amendments to Global Depository Receipts in Finance Bill 2015: Tax Benefits for Sponsored GDRs and Listed Companies The discussion addresses proposed amendments to Global Depository Receipts (GDRs) in the Finance Bill 2015. The Depository Receipts Scheme, 2014, replaces the 1993 scheme, allowing GDRs to be issued against securities of various companies, including listed, unlisted, private, and public, and can be held by residents and non-residents. The tax benefits are proposed to continue only for sponsored GDRs and listed companies, effective from April 1, 2016. Clarification was sought regarding the definition of GDRs, focusing on equity as the underlying asset and the distinction between sponsored and unsponsored GDRs.