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Fema _foreign travel
Dear Freiends, Can anyone please share his views on the following queries.
An executive of the Copmany goes on a business tour and avails the foreign currency from an authorised dealer/money changer. He gives accounts and after this there is a balance in his account. He tells that he has used some FC in his perosonal purchases and ask to debit his account. Is this proper? I mean can a person use the Forex availed for bsiness purpose for personal purchases. And is there any requirement of reporting this.
Please share your views.
Thanks,
P.C. Joshi
Replies (1)
There should not be any issue in this if the amount is spent for a permissible purpose and the same is properly accounted for.
As per rules of RBI unspent amount of forex must be returned within 180 days. However, RBI permits retention of foreign currency, travellers cheques, currency notes upto $ 2,000 and foreign coins without ceiling beyond 180 days.
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