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Ans. As per Section 115C of Indian Income Tax Act, 1961 Foreign Exchange Asset means any Specified asset which the assessee has acquired or purchased with, or subscribed to in, convertible Foreign exchange.
Specified Asset means any of the following assets, namely:

  • shares in an Indian company;
  • debentures issued by an Indian company which is not private company as defined in Companies Act, 1956;
  • deposits with an Indian company which is not private company as defined in Companies Act, 1956;
  • any security of the Central Government as defined in clause (2) of section 2 of the Public Debt Act, 1944;
  • such other assets as the Central Government may specify in this behalf by notification in the Official Gazette.
Foreign Exchange for the purpose of the above means foreign exchange, which is for time being treated by Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Regulation Act, 1973(46 of 1973), and any rules made thereunder.