Foreign Exchange Due - Law Dictionary Search Results
Home Dictionary Name: foreign exchange dueForeign 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)]...
Appellate Tribunal
Appellate Tribunal, means an Appellate Tribunal established under sub-section (1) of section 8. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2(a)]Means Appellate Tribunal for Foreign Exchange established under section 18. [Foreign Exchange management Act, 1999]Means the Appellate Tribunal for energy Conservation established under section 30, Energy Conservation Act, 2001 (52 of 2001), s. 2(b)....
Deposit
Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...
Full amount payable by the foreign buyer in resect of the goods
Full amount payable by the foreign buyer in resect of the goods, the expression 'the full amount payable by the foreign buyer in respect of the goods' occurring in clause (b) would mean merely the total amount which is due from the foreign buyer in respect of the goods actually exported; and what would be due from a foreign buyer has to be merely the price which he has agreed to pay and not any fanciful, unreal or inflated price which the exporter may choose to falsely incorporate in the invoice with any ulterior motives. Director, Enforce-ment Directorate v. Krishnaswamy, AIR 1979 SC 1969 (1971). [Foreign Exchange Regulation Act, 1947, s. 12(2)]...
Bill of Exchange
Bill of Exchange. Defined in the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 3, as an 'unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.'It is a chose in action, but, for the encouragement of commerce, it is assignable, at Common Law, by mere endorsement, so that very many names are frequently attached to one bill as endorsers, and each of them is liable to be sued upon the bill, if it be not paid in due time. the person who makes or draws the bill is called the drawer, he to whom it is addressed is, before acceptance, the drawee, and after accepting it, the acceptor; the person in whose favour it is drawn is the payee; if he endorse the bill to another, he is called the endorser, and the person to whom it is thus assigned or negotiated ...
Current account transaction
Current account transaction, means a transaction other than a capital account transaction and without prejudice to the generality of the foregoing such transaction includes--(i) payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business,(ii) payments due as interest on loans and as net income from investments,(iii) remittances for living expenses of parents, spouse and children residing abroad, and(iv) expenses in connection with foreign travel, education and medical care of parents, spouse and children. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (j)]...
Bank
Bank, Commercially it is a place where money is deposited for the purpose of being lent out at interest, returned by exchange, disposed of to profit, or to be drawn out again as the owner shall call for it. Special provisions are contained in the (English) Companies Act, 1929 relating to Banks. By s. 358, no company, association or partnership consisting of more than ten members shall be formed for the purpose of carrying on a banking business unless it is registered under the Act or formed in pursuance of an Act of Parliament or of letters patent. By s. 360, the liability of the members of a banking limited company remains unlimited in respect of the bank's liability for bank-notes issued by it. As to signature of balance sheets, see s. 129 and ANNUAL RETURNS, ss. 108 and 361. See also JOINT STOCK BANKS and LIMITED LABILITY, and consult Grant, Paget, or Walker on Banking, Chitty's Statutes, tit. 'Bank.'Means financial institution engaged in the accepting of deposits of money, granting...
Marriage
Marriage. Marriage as understood in Christendom is the voluntary union for life of one man and one woman, to the exclusion of all others, Hyde v. Hyde, 1866 LR 1 P&D 130. Where a marriage in a foreign country complies with these requirements it is immaterial that under the local law dissolution can be obtained by mutual consent or at the will of either party with merely formal conditions of official registration, and it constitutes a valid marriage according to English law, Nachimson v. Nachimson, 1930, P. 217. Previous to 1753 the validity of marriage was regulated by ecclesiastical law, not touched by any statutory nullity but modified by the Common law Courts, which sometimes interfered with the Ecclesiastical Courts, by prohibition, sometimes themselves decide on the validity of a marriage, presuming a marriage in fact as opposed to lawful marriage. A religious ceremony by an ordained clergyman was essential to a lawful marriage, at all events for dower and heirship; but if in an i...
Noting
Noting, when a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder may cause such dishonour to be noted by a notary public upon the instrument, or upon a paper attached thereto, or partly upon each.Such notes must be made within a reasonable time after dishonour, and must specify the date of dishonour, the reason, if any, assigned for such dishonour, or if the instrument has not been expressly dishonoured, the reason why the holder treats it as dishonoured, and the notary's charges. [Negotiable Instruments Act, 1881 (26 of 1881), s. 99]--The making of a memorandum or note on a bill of exchange by a notary which states that he has presented the bill for payment or acceptance, and that it has been dishonoured. It is usual, in cases of non-payment of bills of exchange, for London bankers, after six o'clock on the day upon which the bills fall due, to cause inland bills to be noted. The duty of a notary in protesting a bill consists in thre...
Protest
Protest, a solemn declaration of opinion, generally of dissent. Each peer has a right, when he disapproves of the vote of the majority of the House of Lords, to enter his dissent on the Journals of the House, with his reasons for such dissent, which is usually styled his protest.Also a notification written by a notary upon a foreign bill of exchange of non-acceptance or non-payment; as to this, see Bills of Exchange Act, 1882, s. 51, by which a foreign bill, dishonoured by non-acceptance or non-payment, must be duly protested, otherwise the drawer and indorsers are discharged. All protests made in England must, by the (English) Stamp Act, 1891 (see schedule), be stamped, otherwise they cannot be given in evidence without payment of a penalty.The following is a form of protest for non-payment:-On the .......... day of .........., at the request of A.B., bearer of the original bill of exchange, whereof a true copy is on the other side written, I [notary's name], of [address], notary publ...
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