Corporate law

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ranjithsingh (Querist)
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22 June 2012 is it compulsorily the books of accounts of a foreign company incorporated in india has to maintain its books of accounts in indian rupees, if so what is the provisional background?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 June 2012 Section 594 of the Companies Act requires every foreign company to prepare a statment of profit and loss and Balance Sheet.

Further, Section 600 provides that the provisions of Section 209 are applicable to the INDIAN BUSINESS of a foreign company.

Accordingly, a foreign company has to maintain books of accounts in Indian Rupees in respect of its Indian Business.

ranjithsingh

ranjithsingh (Querist)
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22 June 2012 thanks for your reply. whether a indian company can maintain books of accounts in dollars and at the year end books are converted into INR whether any statutory regulation compliance is violated?

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