7 Proceeds of Issue.

The proceeds of issues of depository receipts shall either be remitted to a bank account in India or deposited in an Indian bank operating abroad or any foreign bank (which is a Scheduled Bank under the Reserve Bank of India Act, 1934) having operations in India with an agreement that the foreign bank having operations in India shall take responsibility for furnishing all the information which may be required and in the event of a sponsored issue of Depository Receipts, the proceeds of the sale shall be credited to the respective bank account of the shareholders.

1[Provided that proceeds of issue of depository receipts may be remitted in an Intemational Financial Services Cenhe Banking Unit (IBU) and utilised in accordance with the instructions issued bv the Reserve Bank of India from time to time.]

Amendment

1. Inserted by the Companies (Issue of Global Depository Receipts) Amendment Rules, 2020. Dated 13.02.2020