A.P. (DIR Series) (2000-2001) Circular No. 14, dated 26-9-2000
Attention
of authorised dealers is invited to Reserve Bank Notification No.
FEMA-20/2000-RB, dated 3rd May, 2000. In terms of paragraph 4(2) and (3) of
Schedule I to the above Notification, Indian companies issuing ADRs/GDRs shall
furnish to Reserve Bank full details of such issue in the form specified in
Annexure “C” within 30 days from the date of closing of the issue and a
quarterly return in the form specified in Annexure “D” within fifteen days from
the close of the calendar quarter, respectively. However, it is observed that
some of the companies are not submitting Annexures “C” and “D” within the
stipulated time.
2. Authorised
dealers may advise their constituents who have issued ADRs/GDRs or who are
going for ADR/GDR issues to submit Annexures “C” and “D” within the stipulated
time.
3. The
directions contained in this circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and any
contravention or non-observance thereof is subject to the penalties prescribed
under the Act.