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

      Solution

      Section 2 Definitions: (n) тАЬforeign exchangeтАЭ means foreign currency and includesтАФ (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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