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Foreign Exchange Arithmetic
Variable component — Direct Quote / Indirect Quote?
Direct Quote: Home currency varies; foreign currency is fixed at 1 unit; Indirect Quote: Foreign currency varies; home currency is fixed at 1 (or 100) units
Under which Act is Foreign Exchange defined in India?
Foreign Exchange Management Act (FEMA), 1999
Format — Direct Quote / Indirect Quote?
Direct Quote: 1 USD = ₹85.40; Indirect Quote: ₹100 = 1.17 USD
Which section of FEMA 1999 defines Foreign Exchange?
Section 2(n) of FEMA, 1999
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