exporters to get their export
receivables hedged against adverse currency movements. Hedging is
defined as to enter in to transactions to reduce the risk ... adverse
movement of currency. Any person having exposure to foreign currency
may enter into hedging to fix his cost and profits at a particular level
drawn my attention to
Section 2(h) of the Competition Act, which defines the expression
`enterprise‟ to mean "a person or a department ... Central Government dealing with atomic energy, currency, defence
and space."
23. The expression „activity‟ has been defined to include profession
or occupation. Respondent
argued that Section 2(22) of the Act defines the foreign currency as goods attracting Section 110 of the Act. From the evidence of this
proceeded on the footing that local currency can be obtained only by sale of foreign currency and that such sale will fall within the definition ... place of ownership of foreign currency, that cannot be considered to be an "exchange" as defined. The contention of learned counsel
beyond the purview of the definition of the "goods" as defined under Section 2(13) of the Bombay Sales Tax Act?
CONSIDERATION ... form of coins and bank notes or currency.
The money in the form of currency has well defined meaning as has been defined
foreign exchange" means foreign currency and includes all deposits, - credits and balances payable in any foreign currency, and any drafts,traveller's cheques ... expressed or drawn inindian currency but payable in any foreign currency."
(10) The term "foreign curency" is defined in Section
sale thereof under the brand name of MMC in the defined territory during the currency of the licence agreement. It was agreed between the parties
counterfeiting any currency note or knowingly performed any part of the process of counterfeiting any currency note. Therefore the charge under Section ... purpose of forging or counterfeiting the currency notes.
12. The word 'counterfeit' has been defined in Section
mitigate the possible loss in fluctuation in
currency movement of / or speculative transaction as defined in section 43(5) .
The assessee claims that loss incurred ... dispute with regard to the exposure to foreign
currency. The assessee is having exposure to foreign currency in the form of
export receivable / import payables
section 6 of the Act.
6. Section 2(c) of the Act defines "foreign contribution" as :
"'Foreign contribution' means ... thousand rupees;
(ii) of any currency, whether Indian or foreign;
(iii) of any foreign security as defined in clause (i) of section
