Consider the following statements: 

  1. An Indian Depository Receipt (IDR) declares ownership of shares of a Foreign Company 
  2. An Indian Depository Receipt is essentially traded in Indian Rupees. 
  3. An IDR can be converted into Underlying shares with approval of RBI 

Which among the above statements is / are correct?

[A] Only 1 & 2
[B] Only 2 & 3
[C] Only 1 & 3
[D] All 1, 2 & 3

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