Section 2(h) in The Foreign Exchange Regulation Act, 1973
(h)"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;
