Definitions

Section 99 of the Finance Act, 1987 deals with definitions. Definitions 99. In this Chapter, unless the context otherwise requires,— (a) "authorised dealer" means a person for the time being authorised under section 6 of the Foreign Exchange Regulation Act, 1973 (46 of 1973) to deal in foreign exchange;

Definitions

99. In this Chapter, unless the context otherwise requires,—

(a) "authorised dealer" means a person for the time being authorised under section 6 of the Foreign Exchange Regulation Act, 1973 (46 of 1973) to deal in foreign exchange;

(b) "dealing", in relation to foreign currency means purchasing or selling foreign currency;

(c) "foreign currency" means any currency other than Indian currency;

(d) "foreign exchange" means foreign currency and includes—

(i) all deposits, credits and balances payable in any foreign currency, and any drafts, traveller's cheques, letters of credit and bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency;

(ii)any instrument payable, at the option of the drawee or-holder thereof or any other party thereto, either in Indian currency or in foreign currency or partly in one and partly in the other;

(e) "foreign travel" means a travel, the whole or any part of" which is outside India;

(f) "money changer" means a person for the time being autho rised under, section 7 of the Foreign. Exchange Regulation Act, 1973 (56 of 1973), to deal in foreign currency;

(g)words and expressions used but not defined in this Chapter shall have the meanings assigned to them in the Foreign Exchange Regulation Act, 1973 (46 of 1973).

[Finance Act, 1987]

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Section 99, The Finance Act, 1987 (Act 11 of 1987).