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Section 2 - Acts - Foreign Exchange Management Act,1999 - Section 2 - . 2. In this Act, unless the context otherwise requires, (a) "Adjudicating Authority" means an officer authorised under sub-section (1) of section 16;" 3[(b) "Appellate Tribunal" means the Appellate Tribunal referred to in section 18;] (c) "authorised person" means an authorised dealer, money changer, off-shore banking unit or any other person for the time being authorised under sub-section ( .....

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persons resident outside India, and includes transactions referred to in sub-section (3) of section 6;" (f) "Chairperson" means the Chairperson of the Appellate Tribunal;" (g) "chartered accountant" shall have the meaning assigned to it in clause (b) of sub-section (1) of section 2 of the Char­tered Accountants Act, 1949 (38 of 1949);" 2[(gg) Competent Authority means the Authority appointed by the Central Government under sub-section (2) of section 37A] (h .....

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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 .....

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n) "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;" (o) "foreign security&quo .....

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is expressed or drawn in Indian rupees but does not include special bank notes and special one rupee notes issued under section 28A of the Reserve Bank of India Act, 1934 (2 of 1934);" (r) "legal practitioner" shall have the meaning assigned to it in clause (i) of sub-section (1) of section 2 of the Advocates Act, 1961 (25 of 1961);" (s) "Member" means a Member of the Appellate Tribunal and includes the Chairperson thereof;" (t) "notify" means to noti .....

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by such person;" (v) "person resident in India" means-" (i) a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include-" (A) a person who has gone out of India or who stays outside India, in either case-" (a) for or on taking up employment outside India, or (b) for carrying on outside India a business or vocation out-side India, or (c) for any other purpose, in such circumstances a .....

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or agency in India owned or controlled by a person resident outside India," (iv) an office, branch or agency outside India owned or controlled by a person resident in India;" (w) "person resident outside India" means a person who is not resident in India;" (x) "prescribed" means prescribed by rules made under this Act;" (y) "repatriate to India" means bringing into India the realised foreign exchange and- (i) the selling of such foreign exchange .....

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f section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);" (za) "security" means shares, stocks, bonds and debentures, Government securities as defined in the Public Debt Act, 1944 (18 of 1944), savings certificates to which the Govern­ment Savings Certificates Act, 1959 (46 of 1959) applies, deposit receipts in respect of deposits of securities and units of the Unit Trust of India established under sub-section (1) of section 3 of the Unit Trust of India Act, 1963 (52 of .....

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