Regulation 2 - Definitions - Foreign Exchange Management (Guarantees) Regulations, 2000

2. Definitions :- In these regulations, unless the context requires otherwise, - (i) `Act means the Foreign Exchange Management Act,1999 (42 of 1999) ; (ii) authorised dealer means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Act ; (iii) the words and expressions used but not defined in these regulations shall have the same meanings respectively assigned to them in the Act. 1 [ (iv) Irrevocable Payment Commitment (IPC) means irrevocable confirmation issued by the custodian bank in favour of a stock exchange/clearing corporation of a stock exchange on behalf of its customers, to meet the payment obligation arising out of a buy transaction. ] -------------------- Notes:- 1. Inserted vide Notification No.FEMA227/2012-RB, Dated 30/03/2012 , w.e.f. 29-04-2011