Purchase of Foreign currency
This query is : Open
Sandeep Shirke
(Querist)
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
(Expert)
27 November 2016
Foreign currency can be purchased for specified purpose only. This is not retention. What is the purpose?
Sandeep Shirke
(Querist)
27 November 2016
My client gone often trip to foreign countries. He is used for business trip purpose only.
Shyam Lal Naik
(Expert)
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
(Querist)
27 November 2016
Thanks sir a lot.
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