05 December 2013
Can Amount remitted in Foreign Exchange Transaction can be booked as Purchase ..without giving effect of Forex gain or Loss in the books of Accounts
05 December 2013
No ... As per the latest RBI guidelines the amount lying in Foreign Currency Account in a bank shall be converted in local currency before the end of each quarter... So one has to book the forex gain or loss in books of accounts.
CAclubindia
