Foreign Exchange

Under FEMA 1999, foreign exchange includes foreign currency, deposits, credits and balances payable in foreign currency, drafts, travellers' cheques, and letters of credit denominated in foreign currency.

Foreign Exchange is governed by the Foreign Exchange Management Act, 1999 and regulated by RBI. Understanding this concept is essential for ensuring regulatory compliance, avoiding penalties, and making informed corporate decisions in India.

Foreign Exchange is relevant for company secretaries, compliance officers, chartered accountants, corporate lawyers, board members, and all professionals dealing with FEMA regulatory matters in India.