Section 2(n) in The Foreign Exchange Management Act, 1999
(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;
