Purchase of forgien currency

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kiransingh (Querist)

13 August 2010 how to treat the forgien currency purchased for the tour, where on details are not available for spending Forgien currency?currency perchased within the limits as prescribed under FEMA.
it will be treated as current asset or allowable as expenditure?

Aditya Maheshwari

Aditya Maheshwari (Expert)

13 August 2010 If the amount has been spent during the year and there is no balance of currency in hand outstanding as on 31.03 then expenses allowable.

If currency in hand then current asset.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)

13 August 2010 It can be allowed as expenditure if proof of such expenses are available.

Any balance left, will be cash in hand.

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kiransingh

kiransingh (Querist)

14 August 2010 how to treat the forgien currency purchased for the tour, where on details are not available for spending Forgien currency?currency perchased within the limits as prescribed under FEMA.
it will be treated as current asset or allowable as expenditure?

Aditya Maheshwari

Aditya Maheshwari (Expert)

14 August 2010 Some details of expenses will be need like hotel bill, travelling tickets, and thier like to claim the expenses or atleast some details for claim of expenses even though the same is within the limits of FEMA.

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