The help for inotifyd says:

  If watching a directory:
    m	Subfile is moved into dir
    y	Subfile is moved out of dir
    n	Subfile is created
    d	Subfile is deleted

But:

  # inotifyd - /tmp:mynd &
  # pwd
  /root
  # date > foo
  # mv foo /tmp
  y	/tmp	foo
  # mv /tmp/foo .
  m	/tmp	foo

That is, inotify is in fact delivery a 'y' notification when moving a
file *into* the directory, and a 'm' notification when moving the file
out.