According to FEMA foreign exchange does not include which one of the following?

Correct option is D

In foreign exchange, foreign currency includes
i. All the deposits, balance payable and credits in any foreign currency.
ii. Drafts, traveller’s cheques, letter of credit, or bills of exchange drawn by person or banks institutions outside India but payable in Indian currency.
iii. Drafts, traveller’s cheques, letter of credit, or bills of exchange drawn by person or banks institutions in India but payable in any foreign currency