Question

Based on the definition of foreign exchange under the FEMA Act, which of the following is not considered as foreign exchange?

A Drafts payable in foreign currency
B Deposits, credits and balances payable in any foreign currency
C Drafts drawn in Indian currency but payable in any foreign currency
D Bills of exchange drawn by banks outside India, but payable in Indian currency
E Bills of exchange drawn by institutions outside India, but payable in foreign currency
Practice Next

Hey! Ask a query