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<h1>Understanding Foreign Exchange: Section 2(n) of FEMA 1999 Defines It as Including Currency, Deposits, Credits, and More.</h1> Foreign Exchange, as defined in section 2(n) of the Foreign Exchange Management Act, 1999, includes foreign currency and encompasses deposits, credits, and balances payable in foreign currency. It also covers drafts, travelers cheques, letters of credit, or bills of exchange expressed or drawn in Indian currency but payable in foreign currency, as well as those drawn by banks, institutions, or persons outside India but payable in Indian currency.
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