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of <h1>Definition of 'Security' in Section 2(za) of FEMA 1999: Shares, Bonds, Mutual Funds, Excludes Bills, Promissory Notes.</h1> Security, as defined in section 2(za) of the Foreign Exchange Management Act, 1999, encompasses shares, stocks, bonds, debentures, government securities, savings certificates, deposit receipts, and units of the Unit Trust of India or any mutual fund, including certificates of title to securities. It explicitly excludes bills of exchange, promissory notes (except government promissory notes), or any instruments not notified by the Reserve Bank as security under this Act.
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