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<h1>RBI Amends Forex Regulations: New Definitions and Rules for Indian Depository Receipts Effective July 2009</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004, effective from July 22, 2009. The amendments introduce definitions for 'Domestic Depository,' 'Eligible Company,' and 'Indian Depository Receipts' (IDRs) as per the Companies (Issue of Indian Depository Receipts) Rules, 2004. Additionally, a new sub-regulation allows Domestic Depositories to manage equity shares of eligible companies outside India for IDR issuance. Residents in India can redeem IDRs, with conditions for listed companies, Indian Mutual Funds, and individuals regarding the holding and sale of underlying shares.
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