INDIAN RESERVE BANK

July 22, 2009: In order to facilitate the eligible companies resident outside India to issue Indian Depository Receipts (IDRs) through a Domestic Depository and to permit persons resident in India and outside India to purchase, possess, transfer and redeem IDRs, RBI has decided to operationalise the IDR Rules, notified by the Government of India, as amended from time to time, with immediate effect.

3. Accordingly, eligible companies resident outside India may issue Indian Depository Receipts (IDRs) through a Domestic Depository. The permission has been granted subject to compliance with the Companies (Issue of Depository Receipts) Rules, 2004 and subsequent amendments made thereto and the SEBI (DIP) Guidelines, 2000, as amended from time to time. In case of raising of funds through issuance of IDRs by financial/banking companies having presence in India, either through a branch or subsidiary, the approval of the sectoral regulator(s) should be obtained before the issuance of IDRs.

Investment by Persons resident in India / FIIs / NRIs in IDRs

4. The FEMA Regulations shall not be applicable to persons resident in India as defined under section 2(v) of FEMA, 1999, for investing in IDRs and subsequent transfer arising out of transaction on a recognized Stock Exchange in India. Foreign Institutional Investors (FIIs) including SEBI approved sub-accounts of the FIIs, registered with SEBI and Non-Resident Indians (NRIs) may also invest, purchase, hold and transfer IDRs of eligible companies resident outside India and issued in the Indian capital market, subject to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 notified vide Notification No. FEMA 20 / 2000-RB dated May 3, 2000, as amended from time to time. Further, NRIs are allowed to invest in the IDRs out of funds held in their NRE / FCNR(B) account, maintained with an Authorised Dealer / Authorised bank.

Fungibility

5. Automatic fungibility of IDRs is not permitted.

Period of redemption

6. IDRs shall not be redeemable into underlying equity shares before the expiry of one year period from the date of issue of the IDRs.

Procedure for transfer and redemption of IDRs:

7. At the time of redemption / conversion of IDRs into underlying shares, the Indian holders (persons resident in India) of IDRs shall comply with the provisions of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004 notified vide Notification No. FEMA 120 / RB-2004 dated July 7 2004, as amended from time to time. Accordingly, the following guidelines shall be followed, on redemption of IDRs:

Listed Indian companies may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regulations 6B and 7 of Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time.

Indian Mutual Funds, registered with SEBI may either sell or continue to hold the underlying shares subject to the terms and conditions as per Regulation 6C of Notification No. FEMA 120/RB-2004 dated July 7, 2004, as amended from time to time.

Other persons resident in India including resident individuals are allowed to hold the underlying shares only for the purpose of sale within a period of 30 days from the date of conversion of the IDRs into underlying shares.

The FEMA provisions shall not apply to the holding of the underlying shares, on redemption of IDRs by the FIIs including SEBI approved sub-accounts of the FIIs and NRIs.

Others

8. The proceeds of the issue of IDRs shall be immediately repatriated outside India by the eligible companies issuing such IDRs. The IDRs issued shall be denominated in Indian Rupees.

9. AD Category –I banks may bring the contents of this circular to the notice of their constituents and customers.

10. Necessary amendments to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 and Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004, are being issued separately.

11. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

ABOUT RAJINIKANTH (ACTOR)

Chuck Norris can easily be called the Rajinikanth of Hollywood. Around 2005 there was this internet phenomenon where people started circulating Chuck Norris Facts which describes the powers and achievements of the man. I made a list modifying a few of them some time after that to be about Rajinikanth. I sent it as a forwarded email and was gratified when I got them back a few months later from someone else. I am sharing them with you. Can you think about any other facts?

1. There is no theory of evolution. Just a list of creatures Rajinikanth has allowed to live.
2. Outer space exists because it’s afraid to be on the same planet with Rajinikanth.
3. Rajinikanth counted to infinity – twice.
4. When Rajinikanth does a pushup, he isn’t lifting himself up, he’s pushing the Earth down.
5. Rajinikanth is so fast, he can run around the world and punch himself in the back of the head.
6. Rajinikanth’s hand is the only hand that can beat a Royal Flush.
7. Rajinikanth doesn’t wear a watch, HE decides what time it is.
8. Rajinikanth gave Mona Lisa that smile.
9. Rajinikanth can slam a revolving door.
10. Rajinikanth does not get frostbite. Rajinikanth bites frost.
11. Remember the Soviet Union? They decided to quit after watching a Padayappa on Satellite TV
12. There are no races, only countries of people Rajinikanth has beaten to different shades of black and blue.
13. Rajinikanth’s house has no doors, only walls that he walks through.
14. Rajinikanth doesn’t actually write books, the words assemble themselves out of fear.
15. Rajinikanth can divide by zero.
16. Newton’s Third Law is wrong: Although it states that for each action, there is an equal and opposite reaction, there is no force equal in reaction to a Rajinikanth turnaround kick.
17. When taking the GRE or CAT write “Rajinikanth” for every answer. You will score over 8000.
18. Rajinikanth invented black. In fact, he invented the entire spectrum of visible light. Except pink. Tom Cruise invented pink.
19. In the beginning there was nothing…then Rajinikanth kicked that nothing in the face and said “Get a job”. That is the story of the universe.
20. Rajinikanth has 12 moons. One of those moons is the Earth.
21. Rajinikanth grinds his coffee with his teeth and boils the water with his own rage.
22. Archeologists unearthed an old english dictionary dating back to the year 1236. It defined “victim” as “one who has encountered Rajinikanth”
23. Rajinikanth ordered a Big Mac at Burger King, and got one.
24. If you Google search “Rajinikanth getting his ass kicked” you will generate zero results. It just doesn’t happen.
25. Rajinikanth doesn’t bowl strikes, he just knocks down one pin and the other nine faint.
26. It takes Rajinikanth 20 minutes to watch a three hour movie.
27. The Bermuda Triangle used to be the Bermuda Square, until Rajinikanth kicked one of the corners off.
28. There are no weapons of mass destruction in Iraq, Rajinikanth lives in Chennai.
29. Rajinikanth once ate an entire bottle of sleeping pills. They made him blink.
30. James Cameron wanted Rajinikanth to play the Terminator. However, upon reflection, he realized that would have turned his movie into a documentary, so he went with Arnold Schwarzenegger.
31. Thousands of years ago Rajinikanth came across a bear. It was so terrified that it fled north into the arctic. It was also so terrified that all of its decendents now have white hair.
32. There is no ‘ctrl’ button on Rajinikanth’s computer. Rajinikanth is always in control.
33. Rajinikanth can eat just one Lay’s potato chip.
34. Most people have 23 pairs of chromosomes. Rajinikanth has 72… and they’re all poisonous.
35. Time waits for no man. Unless that man is Rajinikanth.
36. Rajinikanth knows where Sukumarakkurupp is.
37. There is no such thing as global warming. Rajinikanth was cold, so he turned the sun up.
38. Rajinikanth did in fact, build Rome in a day.
39. If at first you don’t succeed, you’re not Rajinikanth.
40. Rajinikanth can judge a book by its cover.

SALMAN KHAN PROMOTES FOOTBALL

New Delhi, Sep 1 (IANS) All India Football Federation (AIFF) has roped in Bollywood star Salman Khan as its brand ambassador.

Salman, who was present at the overflowing Ambedkar Stadium here Monday evening to watch India's Nehru Cup title victory over Syria, has agreed to promote the game free of cost, AIFF president Praful Patel said.

Bollywood's association with sports has grown in recent years. Sanjay Dutt is a brand ambassador of Indian boxing while other tinsel town stars have been competing with one another in either buying or promoting Indian Premier League (IPL) teams.

Salman has also expressed interest in buying an IPL team when the league will expand to 10 teams in 2011.

ICON OF FOOTBALL TEAM

Name	Gostho Behari Pal
Nick Name	Gostho Pal
Born	20th August, 1896
Birth Place	Bhojeswar,Faridpore,Bangladesh
Position	Right Back
First Coach	Late Rajen Sen and then Major Sailen Bose
first Club	1907:Kumartuli A.C of Kolkata only at the age of 11
First Big Club	1914:At the age of 16, he joined Mohun Bagan Club of Kolkata. Mohunbagan Then playing in Kolkata Football League 2nd Divn and being a joint Winner with Messers club and they enterd into the 1st Divn League next year by the rules of IFA
Fan's Name	Great Wall of China. Nobel Winner Indian Poet Rabindranath Tagore was his great fan
Captain	1921 - 1926 :He was the captain of Mohunbagan
Foreign Visit	1924 :Captain of Indian Side
Foreign Visit	1933 :Captain of Indian against Singhol,IndiaWon 1 - 0
Retired	1936 from Mohunbagan
Death	8th April 1976

HONOUR

	1962	- He was honoured with the prestigious PADMASREE AWARD on 27th April 1962
1984	-Gostho Pal Sarani with the statue of the great man opposite Eden Gardens in Kolkata
1998	- The Post & Telegraph Department of Government of India honored the stalwart by issuing a postage stamp
2004	-The legend was posthumously honored with the Mohun Bagan Ratna

ABDUL KALAM POETRY

Our mission is water

My mother called me Blue Nile
I am also named by mother White Nile
When we grew and grew we asked
Oh mother, Oh mother
Tell us, why did you name us Nile
Our mothers said lovingly
Oh our children
You travel and travel
Cross mountains, forests and valleys
Thousands of miles, enriching nine countries
you reach Khartoum
you Blue and White Niles confluence with a mission
God has commanded you to give a message
you give a beautiful message
When we rivers confluence
Oh humanity why not your hearts confluence
And you blossom with happiness.

A.P.J. Abdul Kalam