Referring to the FEMA, 1999, state the meaning of the term 'current account transaction'.

Meaning of 'Current Account Transaction' under FEMA, 1999: Under Section 2(j) of the FEMA, 1999, 'current account transaction' means a transaction other than a capital account transaction, and includes: (i) payments in the ordinary course of foreign trade, and other current business, including short-term banking and credit facilities in the ordinary course of business, (ii) payments due as interest on loans and as net 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.