Advances under FCRA

Posted on June 13, 2012 by SRRF

Dear Sir

We need a clarification that may I pay advance to Staff, Vendors etc from
FCRA account,  if yes than how to settle their accounts. Like I have paid Rs
25000 and he submitted bills of Rs. 20000 than can we receive Rs. 5000 from
his account?

Thanks
Yugal Kishore Pathak

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2 Responses to Advances under FCRA

  1. Prasanna Kumar says:
    June 15, 2012 at 5:49 am

    Yes. You can receive the balance of advance into your account. For advances there is no such restriction.

  2. Neeraj Gupta says:
    June 13, 2012 at 9:58 am

    Reply:
    You can receive the balance amount if you had given advance through Cheque to staff member.

    then you can take balance amount from him via Cheque and can deposit in the Fcra account with a NOTE mentioning that this amount is received against the advance issued to this person through FCRA Cheque for informing bank officials.

    Question: We need a clarification that may I pay advance to Staff, Vendors etc from FCRA account, if yes than how to settle their accounts. Like I have paid Rs.25000/- and he submitted bills of Rs. 20000 than can we receive Rs. 5000 from his account?

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