law: Foreign Exchange Management Act, 1999
  2. Definitions
  In this Act, unless the context otherwise requires,-
  (a) "Adjudicating Authority" means an officer
  
  authorized under subsection (1) of section 16;
  (b) "Appellate Tribunal" means the Appellate
  
  Tribunal for Foreign Exchange established under section 18;
  (c) "authorized person" means an authorized dealer,
  
  money changer, off-shore banking unit or any other person for the time being
  
  authorized under sub-section (1) of section 10 to deal in foreign exchange or
  
  foreign securities;
  (d) "Bench" means a Bench of the Appellate Tribunal;
  
  
  (e) "capital account transaction" means a transaction
  
  which alters the assets or liabilities, including contingent liabilities,
  
  outside India of persons resident in India or assets or liabilities in India of
  
  persons resident outside India, and includes transactions referred to in
  
  subsection (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);
  (h) "currency" includes all currency notes, postal
  
  notes, postal orders, money orders, cheques , drafts,
  
  travelers cheques , letters of credit, bills of
  
  exchange and promissory notes, credit cards or such other similar instruments,
  
  as may be notified by the Reserve Bank;
  ( i ) "currency
  
  notes" means and includes cash in the form of coins and bank notes;
  (j) "current account transaction" means a
  
  transaction other than a capital account transaction and without prejudice to
  
  the generality of the foregoing such transaction includes,- 
  1. payments due in
  
  connection with foreign trade, other current business, services, and short-term
  
  banking and credit facilities in the ordinary course of business,
  2. payments due as
  
  interest on loans and as net income from investments,
  3. remittances for
  
  living expenses of parents, spouse and children residing abroad, and
  4. expenses in connection
  
  with foreign travel, education and medical care of parents, spouse and
  
  children;
  (k) "Director of Enforcement" means the Director of
  
  Enforcement appointed under sub-section (1) of section 36;
  (l) "export", with its grammatical variations and cognate
  
  expressions, means,- 
  1. the 
  
  taking out of  India to a place outside India any goods,
  2. provision 
  
  of services from  India to any person outside
  
    India ;
  (m) " foreign currency" means
  
  any currency other than Indian currency;
  (n) "foreign exchange" means foreign currency and
  
  includes,- 
  1. deposits, credits
  
  and balances payable in any foreign currency,
  2. drafts, travelers  cheques , letters of credit or bills of exchange, expressed
  
  or drawn in Indian currency but payable in any foreign currency,
  3. drafts ,
  
  travelers cheques , letters of credit or bills of
  
  exchange drawn by banks, institutions or persons outside India , but payable in
  
  Indian currency;
  (o) "foreign security" means any security, in the form
  
  of shares, stocks, bonds, debentures or any other instrument denominated 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;
  (p) " import ", with its
  
  grammatical variations and cognate expressions, means bringing into India any goods or
  
  services;
  (q) "Indian currency" means currency which 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 notify in the Official Gazette
  
  and the expression notification" shall be construed accordingly;
  (u) "person" includes- 
  1. individual,
  2. a Hindu undivided
  
  family,
  3. a company,
  4. a firm,
  5. an association of
  
  persons or a body of individuals, whether incorporated or not,
  6. every artificial
  
  juridical person, not falling within any of the preceding sub-clauses, and
  7. any agency, office
  
  or branch owned or controlled by such person;
  (v) "Person resident in India" means- 
  1. 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 outside
  
  India, or
  c. for any other purpose, in such circumstances as would
  
  indicate his intention to stay outside India for an uncertain period;
  B. a person who has come to or stays in India, in either case,
  
  otherwise than- 
  a. for or on taking up employment in India, or
  
  
  b. for carrying on in India a business or vocation India, or
  c. for any other purpose, in such circumstances as would
  
  indicate his intention to stay in India for an uncertain period;
  2. any person or body
  
  corporate registered or incorporated in India,
  3. an office, branch
  
  or agency in India owned or controlled by a person resident outside India,
  4. 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 realized foreign exchange and- 
  1. the selling of such
  
  foreign exchange to an authorized person in India in exchange for rupees; or
  2. the holding of
  
  realized amount in an account with an authorized person in India to the extent
  
  notified by the Reserve Bank, and includes use of the realized amount for
  
  discharge of a debt or liability denominated in foreign exchange and the
  
  expression "repatriation" shall be construed accordingly;
  (z) "Reserve Bank" means the Reserve Bank of India
  
  constituted under sub-section (1) of 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 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;
  ( zb ) "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;
  ( zc ) "Special Director
  
  (Appeals)" means an officer appointed under section 1 8;
  ( zd ) "specify" means to
  
  specify by regulations made under this Act and the expression
  
  "specified" shall be construed accordingly;
  ( ze ) "transfer" includes
  
  sale, purchase, exchange, mortgage, pledge, gift, loan or any other form of
  
  transfer of right, title, possession or lien.