CURRENCY UNDER FEMA 1999


Foreign Exchange Management Act, 1999 talks about inclusive definition of currency. Under FEMA give three definition which are as under

1. Currency

2. Indian Currency

3. Foreign Currency

CURRENCY includes all

  • currency notes,
  • postal notes, postal orders,
  • money orders,
  • cheques, drafts, travellers 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

DEFINITION AS PER FEMA:

currency” includes all currency notes, postal notes, postal orders, money orders, cheques, drafts, travellers 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. [Section 2(g)]

INDIAN CURRENCY

The Indian currency is known as the Indian Rupee (INR) and the coin are known as paisa. One rupee divided in to 100 paisa. ₹ is the symbol of the Indian Currency .

DEFINITION AS PER FEMA:

Indian currency” means currency which is expressed or drawn in Indian rupees but does not include special bank notes and special one rupee notes issued under section 28A of the Reserve Bank of India Act, 1934 (2 of 1934). [Section- 2(q)] 

FOREIGN CURRENCY means any currency other than Indian currency.

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