wherein the term derivative has been defined to include foreign currency as an
underlying security of the derivative. The relevant extract of the case ... before the tribunal . The
Ld. DR submitted that foreign currency is not security as defined under
SCRA and hence loss suffered is not a business
deals with effects of exchange differences. Under para 2,
reporting currency is defined to mean the currency used in presenting the financial
statements. Similarly ... paid" is defined under s. 43(2) . This has been discussed earlier.
Similarly, it is important to note that foreign currency notes, balance
reason that, Section 2 (22) (d) of the Act, defines goods, includes currency and negotiable instruments, and Section 2 (33) defines prohibited goods which means ... take Indian currency outside the Country, but, it is only a restrain. Further, it was argued that the Indian currency did not cross the customs
conducted to
ascertain whether the accused have manufactured high quality
counterfeit Indian currency and for that purpose, the seized ... Quality Counterfeit Indian Currency Offences Rules, 2013.
If the seized notes are found to be High Quality Counterfeit
Indian Currency as defined under Section
where the term 'derivatives' has been defined to include foreign currency as
underlying security of derivatives, also referred to FAQ available ... record.
2. That the contract for derivatives in foreign currency are
commodity as defined u/s 43(5) of the Act, the underlying asset
being
foreign currency or to an account in Indian currency maintained with an authorised dealer from which it can be converted in foreign currency ... words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them
allured by the appellant
with promise to double his currency or was shown forged currency notes. In
the absence of any such evidence, no offence ... word 'counterfeit' as defined in Section 28 IPC, does not
connote an exact reproduction of the original currency but reference to one
thing
Customs Act , there are two definitions
which are relevant. Section 2 (22) defines "goods"
as follows:
"2.(22) „goods‟ includes -
(a) Vessels ... baggage;
(d) currency and negotiable instruments; and
(e) any other kind of moveable property.
In addition thereto, Section 2(14) defines, "dutiable
goods
buying rate of such currency on the specified date. The term 'specified date' has
been defined in Explanation 2 to the said ... court held that rule 115 does not lay down that all foreign currencies received by
the assessee will be converted into Indian rupees only
foreign currency,
thetransaction would have to be looked upon by applying commercial principal in regard
tointernational transaction without defining "Commercial Principal" in this ... foreign currency, thetransaction would have to
be looked upon by applying commercial principal in regard tointernational transaction without
defining "Commercial Principal
