Corporate law
This query is : Resolved
ranjithsingh
(Querist)
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?
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.
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
(Querist)
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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