As per the FEMA, Foreign Exchange means (i) draft, cheque, bill of exchange drawn in Indian currency but payable in foreign currency. (ii) draft, cheque, bill of exchange drawn in Indian currency but...

(i) draft, cheque, bill of exchange drawn in Indian currency but payable in foreign currency.

(ii) draft, cheque, bill of exchange drawn in Indian currency but payable in Indian currency.

(iii) either (i) or (ii).

(iv) both (i) and (ii).