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Thread: Meaning of Drawal, define drawal, drawal of foreign exchange, meaning of drawals

  1. #1
    gopalji
    Guest

    Default Meaning of Drawal, define drawal, drawal of foreign exchange, meaning of drawals

    The term "Drawal" has been defined as under:

    Rule 2 (b) Foreign exchange management (current account transactions) rules, 2000 as well as
    Rule 2(b) Foreign exchange management (permissible capital account transactions) regulations, 2000

    "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 of ATM Card or any other thing by whatever name called which has the effect of creating foreign exchange liability."


  2. #2
    gopalji
    Guest

    Default Meaning of Service under FEMA, define service under fema, free service, personal service under fema

    As per section 2(zb) Foreign Exchange Management Act,1999

    "service" means service of any description which is made available to potential users and includes the provision of facilities in connection with banking, financing, insurance, medical assistance, legal assistance, chit fund, real estate, transport, processing, supply of electrical or other energy, boarding or lodging or both, entertainment, amusement or the purveying of news or other information, but does not include the rendering of any service free of charge or under a contract of personal service;"

  3. #3
    gopalji
    Guest

    Default Meaning of Security, define security, definition of security

    As per Section 2 (za) Foreign Exchange Management Act,1999
    "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 Govern*ment 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 1963) or of any mutual fund and includes certificates of title to securities, but does not include bills of exchange or promissory notes other than Government promissory notes or any other instruments which may be notified by the Reserve Bank as security for the purposes of this Act;"

  4. #4
    gopalji
    Guest

    Default Meaning of Foreign Security, define foreign security, definition of foreign security

    As per section 2 (o) Foreign Exchange Management Act,1999

    "foreign security" means any security, in the form of shares, stocks, bonds, debentures or any other instrument denomi*nated or expressed in foreign currency and includes securities expressed in foreign currency, but where redemption or any form of return such as interest or dividends is payable in Indian currency;"

  5. #5
    gopalji
    Guest

    Default Meaning of transfer, define tranfer, definition of transfer under FEMA 1999

    As per section 2(ze) of Foreign Exchange Management Act,1999
    "transfer" includes sale, purchase, exchange, mortgage, pledge, gift, loan or any other form of transfer of right, title, possession of lien."

    Therefore the term has been widely defined which includes even tranfer of possession or lien without transfer of ownership.

  6. #6
    gopalji
    Guest

    Default Meaning of transferable development rights TDR, define tranferable Development rights TDR, definition of transferable developement rights TDR

    As per regulation 2(d) Foreign exchange management (permissible capital account transactions) regulations, 2000 & regulation 2 (d) - Foreign exchange management (borrowing and lending in rupees) regulations, 2000 & regulation 2 (xi) Foreign exchange management (transfer or issue of security by a person resident outside india) regulations, 2000

    Transferable Development Rights' means certificates issued in respect of category of land acquired for public purpose either by Central or State Government in consideration of surrender of land by the owner without monetary compensation, which are transferable in part or whole.

  7. #7
    gopalji
    Guest

    Default Foreign investment in TDR

    Foreign investment in TDR is totally prohibited under FEMA 1999.

  8. #8
    gopalji
    Guest

    Default Meaning of authorised person, define authorised persons, definition of authorised persons, authorised dealers, money changers

    Section 2 (c) of FEMA 1999 defines authorised persons as under:

    "authorised person" means an authorised dealer, money changer, offshore banking unit or any other person for the time being authorised under sub-section (1) of section 10 to deal in foreign exchange or foreign securities;"

    For more detailed discussion of these kind of persons and permitted activities, click the link below:

    http://www.knowledgebible.com/forum/...7183#post27183

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