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Issue ID: 105760
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Refund of Forex Advance

Date 05 Jun 2013
Replies1 Reply
Views 2108 Views
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Foreign exchange gain treatment: record refund on cancelled forex advance in fluctuation account and notify regulators.
Recognise the foreign exchange gain arising on refund of a cancelled import advance in the foreign exchange fluctuation account, and inform the authorised dealer and central bank that the advance payment was made and has been recovered. (AI Summary)

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.

FEMA
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Replied on Jun 5, 2013
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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.

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