Arrest under the Foreign Exchange Management Act (FEMA) of 1999
The term "Foreign Exchange” means foreign currency and includes, ● Deposits, credits and balances payable in any foreign currency, ● Drafts, traveler’s cheques, letters of credit or bills of exchange, expressed or drawn in Indian currency but payable in any Foreign currency, ● Drafts, traveler’s cheques, letters of credit or bills of exchange drawn by banks, institutions or persons outside India, but payable in Indian currency; The Foreign Exchange Management Act (FEMA) was enacted in the year 1999, to facilitate external trade and payments and maintenance of foreign exchange in India. Some...
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