Economics · Legal Aspects of Business
According to the Foreign Exchange Management Act (FEMA), 'foreign exchange' does not include which one of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Drafts drawn by banks outside India and payable in foreign currency✓
- 2Travellers cheques drawn by institutions outside India but payable in Indian currency
- 3Bills of exchange drawn in Indian currency but payable in any foreign currency
- 4Deposits payable in any foreign currency
Correct answer
Drafts drawn by banks outside India and payable in foreign currency
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