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of <h1>Foreign Exchange Management Regulations Clarify Key Terms and Define Irrevocable Payment Commitment for Financial Transactions</h1> The Foreign Exchange Management (Guarantees) Regulations, 2000 define key terms related to foreign exchange management. The regulations clarify the meaning of 'Act' as the Foreign Exchange Management Act, 1999, and 'authorized dealer' as a person authorized under section 10 of the Act. Undefined terms retain their meanings from the original Act. An additional provision defines 'Irrevocable Payment Commitment (IPC)' as an irrevocable confirmation issued by a custodian bank to a stock exchange on behalf of customers for payment obligations.
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