Definition of "Currency"
Debit cards, ATM cards or any other instrument which can be
used to create a financial liability may be defined as currency.
Debit cards, ATM cards or any other instrument which can be
used to create a financial liability may be defined as currency.
In pursuance of clause (h) of Section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 15/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank notifies debit cards, ATM cards or any other instrument by whatever name called that can be used to create a financial liability, as ‘currency’.
