Fema _foreign travel
P.C. Joshi (service) (274 Points)
05 September 2016P.C. Joshi (service) (274 Points)
05 September 2016
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 06 September 2016
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.