Foreign Currency valuation

This query is : Resolved

Sandeep Ladha (Querist)
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26 May 2011 In a private Ltd. there is foreign currency balance as on 31/3/2011.

US$-600

HK$-455

Euro-755

What is the accounting treatement.?

Also is that like cash balance, so in tally new _______account have to create?

Also is there Link to find out the value on 31/3/2011. i search in google but didnt get the result.

Is there any FEMA regualation have to follow.?

Thanks in Advance.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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27 May 2011 As per FEMA you are not permitted to hold the foreign currency in cash and need to deposit the same in bank within prescribed time period.

So better to take the value as on 31.3.11 from your banker and deposit the same as early as possible with the bank.

Anuj
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