Security under FEMA defined to include shares, bonds and mutual fund units while excluding most bills and promissory notes. The definition of Security under the Foreign Exchange Management Act covers shares, stocks, bonds, debentures, Government securities, savings certificates, deposit receipts for securities, units of the Unit Trust of India or any mutual fund, and certificates of title to securities, while excluding bills of exchange and promissory notes except Government promissory notes, and allowing the Reserve Bank to notify other instruments as securities for the Act.