Definition of Drawal clarifies foreign exchange drawals create foreign exchange liability under capital account regulations. Definitions set key terms: 'Drawal' means drawal of foreign exchange from an authorised person, including opening letters of credit or use of international payment cards that create foreign exchange liability; 'Transferable Development Rights' are transferable certificates issued for land acquired for public purpose without monetary compensation; 'Derivative' is a future settled financial contract whose value is derived from one or more variables; undefined terms take their meanings from the Act.
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Provisions expressly mentioned in the judgment/order text.
Definition of Drawal clarifies foreign exchange drawals create foreign exchange liability under capital account regulations.
Definitions set key terms: "Drawal" means drawal of foreign exchange from an authorised person, including opening letters of credit or use of international payment cards that create foreign exchange liability; "Transferable Development Rights" are transferable certificates issued for land acquired for public purpose without monetary compensation; "Derivative" is a future settled financial contract whose value is derived from one or more variables; undefined terms take their meanings from the Act.
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