Definitions — Export, Import, Person and Transfer

# Definitions — Export, Import, Person and Transfer under FEMA

## 1. Export — Section 2(l)

With its grammatical variations and cognate expressions, 'Export' means:

(i) The taking out of India to a place outside India any goods.

(ii) Provision of services from India to any person outside India.

Note: Export under FEMA covers both goods and services — not only physical merchandise but also software, consultancy etc.

## 2. Import — Section 2(p)

With its grammatical variations and cognate expressions, 'Import' means bringing into India any goods or services.

Again, both goods and services are covered.

## 3. Person — Section 2(u)

'Person' includes:

(i) An individual

(ii) A Hindu Undivided Family (HUF)

(iii) A company

(iv) A firm

(v) An association of persons or body of individuals, whether incorporated or not

(vi) Every artificial juridical person not falling within any of the preceding sub-clauses

(vii) Any agency, office or branch owned or controlled by such person.

This is similar to the definition under the Income-tax Act, 1961.

## 4. Transfer — Section 2(ze)

'Transfer' includes sale, purchase, exchange, mortgage, pledge, gift, loan or any other form of transfer of right, title, possession or lien.

### Key takeaway

The word 'includes' makes this an inclusive (non-exhaustive) definition — even modes not listed can amount to a transfer if they involve change of right, title, possession or lien.

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