Purchase of Foreign currency

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Sandeep Shirke (Querist)
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26 November 2016 Dear All, My client has purchased a foreign currency from Indian rupees. My query is where we will be accounted this transaction and under which head? Thanks in advance.

Shyam Lal Naik

Shyam Lal Naik (Expert)
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27 November 2016 Foreign currency can be purchased for specified purpose only. This is not retention. What is the purpose?

Sandeep Shirke

Sandeep Shirke (Querist)
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27 November 2016 My client gone often trip to foreign countries. He is used for business trip purpose only.

Shyam Lal Naik

Shyam Lal Naik (Expert)
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27 November 2016 Equivalent amount in INR shall be booked under travelling. Unutilised Foreign currency needs to be surrendered to Authorised Dealer. Purchase of foreign currency shall be accounted as tour advance.

Sandeep Shirke

Sandeep Shirke (Querist)
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27 November 2016 Thanks sir a lot.

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