Explain the meaning of term 'currency' as per the provisions of the Foreign Exchange Management Act, 1999.

CA Intermediate · Corporate and Other Laws · MTP · September 2024
Explain the meaning of term 'currency' as per the provisions of the Foreign Exchange Management Act, 1999.

Suggested Answer and Working Notes:

Currency According to section 2(h) of the Foreign Exchange Management Act, 1999, 'Currency' includes all currency notes, postal notes, postal orders, money orders, cheques, drafts, travelers' cheques, letters of credit, bills of exchange and promissory notes, credit cards or such other similar instruments, as may be notified by the Reserve Bank.

Topics: The Foreign Exchange Management Act, 1999

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