As per the FEMA, Foreign Exchange means (i) draft, cheque, bill of exchange drawn in Indian rupee and payable in Indian rupee. (ii) draft, cheque, bill of exchange drawn by person outside Indian but...

(i) draft, cheque, bill of exchange drawn in Indian rupee and payable in Indian rupee.

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

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

(iv) none of the above.