Hi everybody,
I had some queries regarding disclosure requirements of Revised Schedule VI.
As per clause (d) of Note 5 (viii) of general instructions given for preparation of statement of profit and loss account, total amount remitted during the year in foreign currencies on account of dividends is to be disclosed in the Notes to Accounts. Since the requirement is of disclosure of remittance, it means that actual remittance made during the year is required to be given.
One listed Company declared interim dividend for year 2011-12. It within the prescribed time limit made remittance of dividend to one of its non-resident shareholder in foreign currency to nominated bank account of shareholder. However the said remittance returned back due to some error.
In this regard, had two queries:-
1. Whether for above given scenario, disclosure would be required to be made in annual accounts for dividend remittance?
2. What if in case a demand draft or warrant denominated in foreign currency had been procured and sent to shareholder at this address and the same remained un-encashed till the end of year 2011-12?
CAclubindia
