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Refund of Forex Advance, FEMA

Issue Id: - 105760
Dated: 5-6-2013
By:- Prateek Patodia

Refund of Forex Advance

Contents

I had made an Advance in Euros for a machinery some time ago, however I have been forced to cancel the order now.

The advance had been made at a time when the exchange rate was 67 but today it is at 74. How would I have to treat the gain? This transaction is in a Ltd. company.

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Showing Replies 1 to 1 of 1 Records

Page: 1

1 Dated: 5-6-2013
By:- Pradeep Khatri

Please boook the gain in the account of foreign exchange fluctuation account. Also inform the AD/RBI in this regard that you had made an advance payment and now got it back.

Page: 1