Question
Based on the definition of foreign exchange under the
FEMA Act, which of the following is not considered as foreign exchange?Solution
Section 2 Definitions: (n) “foreign exchange” means foreign currency and includes— (i) deposits, credits and balances payable in any foreign currency, (ii) drafts, travellers cheques, letters of credit or bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency, (iii) drafts, travellers cheques, letters of credit or bills of exchange drawn by banks, institutions or persons outside India, but payable in Indian currency.
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