Currency purchased

Hello friends,

If a Company purchase Euro Currency in a Travel Pop up card of the employee on 12-4-2012 say Euro 500 against Rupees. from ICICI Bank. Now, whenever that employee visits European countries, he use that card to withdraw Euros. The rate on 12-4-2012 is 1 Euro = Rs.70.  Now a Company pays Rs. 70*500=Rs.35000/- form Company's Current A/c from SBI Bank. Correct me if I am wrong with the following  accounting entry for the same.

 1)  Travel Card (under the head Current Assets) A/c Dr.          = Rs.70000

                 To ICICI Bank (Creditors)                                               = Rs.70000

(Being Amount payable to ICICI Bank Ltd for Travel Card poped with 500 Euros @ Rs.70)

2)  ICICI Bank Ltd A/c Dr.                                                               = Rs.70000

                To SBI A/c                                                                         = Rs.70000

Is it correct entry????