An organisation is having designated bank a/c under. Organisation has paid 50% amount of contract in advance i.s. 5, 00, 000.00. (Contract Amount is 10, 00, 000.00). There is no restriction on end use of FC money. But due to some reason contract could not ne executed and both party agree to breach the contract and refund advance amount.
Local money can not be deposited in FCRA a/c.
How can be received money from vendor? Please suggest the procedures.
-Vachaspati Bhaskar
Since the asset created out of the funds used with FCRA money, the asset traeted as FCRA money. So, the advance refunded is also the FCRA money and it can be deposited in FCRA ac
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