Foreign Currency valuation
This query is : Resolved
Sandeep Ladha
(Querist)
26 May 2011
In a private Ltd. there is foreign currency balance as on 31/3/2011.
US$-600
HK$-455
Euro-755
What is the accounting treatement.?
Also is that like cash balance, so in tally new _______account have to create?
Also is there Link to find out the value on 31/3/2011. i search in google but didnt get the result.
Is there any FEMA regualation have to follow.?
Thanks in Advance.
US$-600
HK$-455
Euro-755
What is the accounting treatement.?
Also is that like cash balance, so in tally new _______account have to create?
Also is there Link to find out the value on 31/3/2011. i search in google but didnt get the result.
Is there any FEMA regualation have to follow.?
Thanks in Advance.
CA. Anuj Gupta
(Expert)
27 May 2011
As per FEMA you are not permitted to hold the foreign currency in cash and need to deposit the same in bank within prescribed time period.
So better to take the value as on 31.3.11 from your banker and deposit the same as early as possible with the bank.
Anuj
0-9810106211
So better to take the value as on 31.3.11 from your banker and deposit the same as early as possible with the bank.
Anuj
0-9810106211
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