RBI notifies govt’s new Depository Receipts Scheme
Mumbai: Reserve Bank of India (RBI) on Thursday stated that it had made necessary changes in its foreign exchange management (FEMA) regulations to adopt the new depository receipts scheme.
The scheme, which is for investments under American depository receipts and global depository receipts was notified by the central government on 15 December.
The new scheme provides for repeal of extant guidelines for Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993, except to the extent relating to foreign currency convertible bonds, RBI said in its notification.
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