Hello All, Our Director had traveled to Germany from 11th September to 27th September on Business Visa for Business purpose. I want to know how to decide the Per Deim rate.
From India, Pune
From India, Pune
Hi
The per deim rate for overseas travel has to be based on the company policy. Of course this has to be in line with the RBI Guidelines To know the RBI limits please click on the following link to see the relevant circular https://rbi.org.in/scripts/FAQView.aspx?Id=66
Ideally, as a company policy, you must frame per deim limits for such overseas travel based on grades of the employees traveling, the purpose of travel, duration of travel, frequency of travel, countries to be visited and the cost of living there etc. Even the authorization / approval of such overseas visits must also be specified. Having specific formats for such travel approval would also help stream line the request, approval and release of the foreign exchange.
Trust the above input meets your immediate requirements.
Regards
From India, Mumbai
490The per deim rate for overseas travel has to be based on the company policy. Of course this has to be in line with the RBI Guidelines To know the RBI limits please click on the following link to see the relevant circular https://rbi.org.in/scripts/FAQView.aspx?Id=66
Ideally, as a company policy, you must frame per deim limits for such overseas travel based on grades of the employees traveling, the purpose of travel, duration of travel, frequency of travel, countries to be visited and the cost of living there etc. Even the authorization / approval of such overseas visits must also be specified. Having specific formats for such travel approval would also help stream line the request, approval and release of the foreign exchange.
Trust the above input meets your immediate requirements.
Regards
From India, Mumbai
Thank you so much. I would also want to know that the rate of conversion during accounting the expenses made by the employee abroad should be what? Like the employee was already paid the Euros before he left abroad so should that euro rate only should be continued throughout travel?
From India, Pune
From India, Pune
Hi
Since the Euro was given to the employee / director before he left, you have the rupee rate at which the Euro was purchased. Similarly when he comes back and returns any Euro's the equivalent rupee conversion rate would be relevant. The expenses would be booked at the equivalent rate in which the currency was purchased. If credit cards are used overseas, the equivalent conversion in Indian Rupees would be reflected in the credit card statements and that would be the relevant amount to be booked in the accounts.
Trust the reply answers your query.
Regards
From India, Mumbai
Since the Euro was given to the employee / director before he left, you have the rupee rate at which the Euro was purchased. Similarly when he comes back and returns any Euro's the equivalent rupee conversion rate would be relevant. The expenses would be booked at the equivalent rate in which the currency was purchased. If credit cards are used overseas, the equivalent conversion in Indian Rupees would be reflected in the credit card statements and that would be the relevant amount to be booked in the accounts.
Trust the reply answers your query.
Regards
From India, Mumbai
Thank you.
And is it necessary for the employee to submit all the bills even if the company has decided the Per Deim? If he do not submit few bills as he must have lost a few can we still reimburse him?
Cant a per diem approval be enough for reimbursement? And can you please suggest an ideal Per deim for Germany and Vietnam separately?
Sorry to disturb you again but please help. Once again thank you.
From India, Pune
And is it necessary for the employee to submit all the bills even if the company has decided the Per Deim? If he do not submit few bills as he must have lost a few can we still reimburse him?
Cant a per diem approval be enough for reimbursement? And can you please suggest an ideal Per deim for Germany and Vietnam separately?
Sorry to disturb you again but please help. Once again thank you.
From India, Pune
Hello,
Bills have to be submitted for any Reimbursement....especially since this involves Forex.
Are you assuming that this Director 'will' loose some bills OR is this the scenario for resolution?
Being a Director, he ought to have taken care of such minor but crucial aspects of any official travel--be it overseas or domestic.
Coming to your query about the per diem rates for different countries, Jacob has already given you the RBI guidelines.....it can be ANYTHING BUT you have to conform to these RBI norms.
Pl find below the Links [you can get more by googling if you wish to] for the Cost-of-Living Comparisions around the world. You can arrive @ the rates depending on your Company financial situation AND RBI norms.
Cost of Living Comparison Between Two Countries
Map Shows Cost of Living Around the World
Though these are actually meant for those wishing to relocate, the info can also be sued for your purpose.
Rgds,
TS
From India, Hyderabad
Bills have to be submitted for any Reimbursement....especially since this involves Forex.
Are you assuming that this Director 'will' loose some bills OR is this the scenario for resolution?
Being a Director, he ought to have taken care of such minor but crucial aspects of any official travel--be it overseas or domestic.
Coming to your query about the per diem rates for different countries, Jacob has already given you the RBI guidelines.....it can be ANYTHING BUT you have to conform to these RBI norms.
Pl find below the Links [you can get more by googling if you wish to] for the Cost-of-Living Comparisions around the world. You can arrive @ the rates depending on your Company financial situation AND RBI norms.
Cost of Living Comparison Between Two Countries
Map Shows Cost of Living Around the World
Though these are actually meant for those wishing to relocate, the info can also be sued for your purpose.
Rgds,
TS
From India, Hyderabad
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