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Re: The Forex Thread
One can more or less do away with cash in most destinations. For the most part, the credit card is more than eunic-brussels.eu others have said HDFC offers the best rates and points. For safetys sake it is worth having a multi currency forex card containing some emergency funds. Maybe USD or so.
It is also useful to carry some amount of cash for local usage, notably for tipping at hotels, restaurants, clubs, cabs etc, especially in destinations where things are relatively inexpensive and where the people are not so well off. So when you land, ideally just withdraw some cash in the local currency, perhaps the equivalent of a USD, from a local ATM using your normal Indian Debit card.
Its sensible to carry multiple small wallets/ card cases when travelling and distribute ones cards and cash in those, so as to avoid being left in the lurch if one loses any one of ones such wallets.
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@Tut, I think it’s best I explain what I have done so far, and arrive at the issue I’m facing.
Some background info first:
In the year , I received my corporate tax bill of SGD 6, for the year
To recognize the tax expense in the correct period, i.e. year , I passed a journal entry on 31 Dec as such:
Dr: Corporate income tax (P/L - expense) SGD 6,
Cr. Provision for corporate income tax (B/S - liability) SGD 6,
At year-end balance sheet date, i.e. 31 December , the balance sheet would show a tax payable of USD 4, (computation: SGD 6, divided by month-end rate of ).
So here is where the problem begins. My income tax expense for the year is USD 4,, but I am not in compliant with IAS 21 which requires me to use the average rate of So when I prepare my statutory financial statement, the tax expense is USD 4, (computation: SGD 6, divided by month-end rate of ).
So here is what I’m requesting - at the point of the recording the journal, if I can specify a specific exchange rate to use, that is, in my case, the average rate, I would not have any variance between Manager and my statutory FS.
One work-around would be that I record the tax expense in USD right away using the average rate. However, when I pay off the tax in from my SGD account, I can’t specifically mention the equivalent in USD. So I have difficulty zero-rising the balance after settlement.
Originally Posted by sandeepmohan Thanks. I just visited SBI, where the funds are. As you say, their charges are nominal. Might as well take this path than get stuck with customs explaining why I am carrying so much cash. Besides; the question will surely come up on how I managed to exchange INR to NZD of this amount. The Relationship Manager at SBI did say something like 7lacs per annum which can be wired to another country. I am trying to move quite a bit more and if this cap is there, that is a barrier for me. A visit to a Chartered Accountant is also required, before sending the money. |
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