Foreign Exchange - Law Dictionary Search Results
Home Dictionary Name: foreign exchangeForeign exchange derivative contract
Foreign exchange derivative contract, means a financial transaction or an arrangement in what-ever form and by whatever name called, whose value in derived from price movement in one or more underlying assets, and includes:-(a) a transaction which involves at least one foreign currency other than currency of Nepal or Bhutan, or(b) a transaction which involves at least one interest rate applicable to a foreign currency not being a currency of Nepal or Bhutan, or(c) a forward contract, but does not include foreign exchange transaction for Cash or Tom or Spot deliveries. [Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, Reg. 2 (v)]...
Foreign exchange
Foreign exchange, means foreign currency and includes--(i) deposits, credits and balances payable in any foreign currency,(ii) drafts, travellers cheques, letters of credit or bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency,(iii) drafts, travellers cheques, letters of credit or bills of exchange drawn by banks, institutions or persons outside India, but payable in Indian currency. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (n)]The process of making international monetary trans-actions; esp. the conversion of one currency to that of a different country, Black's Law Dictionary, 7th Edn....
Foreign exchange due
Foreign exchange due, means the amount whicha person has a right to receive or claim in foreign exchange. [Foreign Exchange Management (Realisation, Repatriation and Surrender of Foreign Exchange) Regulations, 2000, Reg. 2 (iii)]...
Foreign currency and foreign exchange
Foreign currency and foreign exchange, have the meanings respectively assigned to them in the Foreign Exchange Regulation Act, 1973. [Reserve Bank of India Act, 1934 (2 of 1934), s. 2 (bix)]...
Repatriate to India
Repatriate to India, means bringing into India the realised foreign exchange and--(i) the selling of such foreign exchange to an authorised person in India in exchange for rupees, or(ii) the holding of realised amount in an account with an authorised person in India to the extent notified by the Reserve Bank,and includes use of the realised amount for dis-charge of a debt or liability denominated in foreign exchange and the expression 'repatriation' shall be construed accordingly. [Foreign Exchange Man-agement Act, 1999 (42 of 1999), s. 2 (y) (i) (ii)]...
Registered Foreign Institutional Investor (FII)
Registered Foreign Institutional Investor (FII), means a foreign institutional investor registered with Securities and Exchange Board of India. [For-eign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, Reg. 2 (vi)]...
Foreign Bill of Exchange
Foreign Bill of Exchange, a bill which is not an inland bill. See INLAND BILL. Before 19 & 20 Vict. c. 97, a bill drawn in one part of the United Kingdom, as England, on a person in another part, as Ireland or Scotland, was deemed a foreign bill; but this was altered by s. 7 of that Act, of which the effect is reproduced by s. 4 of the (English) Bills of Exchange Act, 1882. By the law of merchants, the holder of a foreign bill is obliged to protest it for non-payment, and also for non-acceptance, whenever notice of such non-acceptance is necessary. See Chitty, Byles, Bayley, or Chalmers, on Bills....
Cash delivery
Cash delivery, means delivery of foreign exchange on the day of transaction. [Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, s. 2 (iii)]...
Drawal
Drawal, means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability. [Foreign Exchange Management (Current Account Transactions) Rules, 2000, s. 2 (b)]...
Forward contract
Forward contract, means a transaction involving delivery, other than Cash or Tom or Spot delivery, of foreign exchange. [Foreign Exchange Manage-ment (Foreign Exchange Derivative Contracts) Regulations, 2000, R. 2 (iv)]The expression 'forward contracts' in s. 2(c) is construed so as to include speculative contracts which ostensibly are for delivery of goods, Shivanarayana Kabre v. State of Madras, AIR 1967 SC 986 (989). [Forward Contracts (Regulation) Act, (74 of 1952), s. 2(c)]An agreement to buy or sell a particular non-standardized asset (use currencies) at a fixed price on a future rate, Black's Law Dictionary, 7th Edn., p. 666....
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