Referring to the provisions of the Foreign Exchange Management Act, 1999, state the meaning of the term "current account transaction".

Meaning of the term “Current Account Transaction" As per the provision of section 2(j) of the Foreign Exchange Management Act, 1999, "Current Account Transaction" means a transaction other than a Capital Account Transaction and includes the following types of transactions: (i) Payments in the course of ordinary course of foreign trade, other services such as short-term banking and credit facilities in the ordinary course of business etc., (ii) Payments in the form of interest on loans or income from investments, (iii) Remittances for living expenses of parents, spouse and children residing abroad, and (iv) Expenses in connection with foreign travel, education and medical care of parents, spouse and children.