As a measure of further liberalisation and in order to encourage Indian Companies listing of American Depository Receipts (ADRs)/Global Depository Receipts (GDRs) in the overseas exchange, it has been decided to grant general permission as under :

1. In respect of sponsored ADRs/GDRs which have the approval of Foreign Investment Promotion Board (FIPB), residents who offer their share holding in the company for conversion to ADRs/GDRs would be permitted to credit the sale proceeds to their Exchange Earners Foreign Currency (EEFC)/Resident Foreign Currency (Domestic) {RFC (D)} account in foreign currency or to their rupee account in India at their option;

2. Disinvestments under such sponsored ADR/GDR schemes in respect of shares held by residents who have since become non-resident would be permitted to be credited to the foreign currency account abroad of the non-resident or to any of their accounts in India at their option.

This facility is available until further notice.

Operating instructions are being issued to Authorised Dealers.