Dear Sir,
I had the opportunity to attend one of your seminars recently Ahmedabad. I am writing this mail seeking clarification on one of the matters concerning FCRA.
We recently made a booking through a travel agent for an FCRA project from our FCRA bank account. Due to some reason, we have had to cancel the booking. We are unlikely to transact again with the same travel agent in future and so cannot adjust the refund against future booking. In this context if the agent offers us a cheque of refund amount, should we deposit it in the FC bank a/c or non- FC a/c? What are the implications in either case?
Looking forward to your expert advice. Thanking you in advance.
Regards,
Richard Mascarenhas
Sense International India
Working with deafblind people
Administrative Block, Andhjan Mandal Campus
Vastrapur, Ahmedabad – 380 015. Gujarat, India.
You can Deposit to FCRA account provide if you book the ticket from FCRA account you can also deposit against the particular travel refund to FCRA account.If you book the ticket from I.C bank account the refund against the fund you can deposit only I.C account.
N.M.Valan
Dear Mr. Richard, as this Expense transaction is not completed the refund should come back to its original position i.e. to FCRA account. If it is deposited in your non-FCRA bank account it will be a violation. Therefore you have to deposit that cheque in FCRA bank account only.
Dear Mr. Richard,
Technically it is not allowed to deposit non FC transfers or deposits into FC account but in case of monies returned by supplier / service provider is not going to be a problem but bank would insist on a written communication that originally payment was made from FC and also require proof thereof.
Thanks
S P Gupta