Carrying Cheque as POF at the time of Landing - PLEASE HELP URGENT!!!

[hardeep_khalsa]

Hello guys, Please help if anyone has gone through this or has prior knowledge. I wud really appreciate it.

I am a CoPR and have funds in my ICICI Bank account in India. Can I just carry a normal cheque and show them as a POF if the officer asks at the Port of Entry ??? I am aware that above 10000 CAD, I need to declare the funds, so will do that, no worries. But just a normal basic cheque is okay instead of wire transfering the amount in advance ?? Wud the officer just see the cheque and then let me go ??

I wud be really thankful for the reply guys.

 

[iSaidGoodDay]

Hello guys, Please help if anyone has gone through this or has prior knowledge. I wud really appreciate it.

I am a CoPR and have funds in my ICICI Bank account in India. Can I just carry a normal cheque and show them as a POF if the officer asks at the Port of Entry ??? I am aware that above 10000 CAD, I need to declare the funds, so will do that, no worries. But just a normal basic cheque is okay instead of wire transfering the amount in advance ?? Wud the officer just see the cheque and then let me go ??

I wud be really thankful for the reply guys.

What type of check is it? If it is an ordinary check, it makes little sense to do so as you can get a PoF from ICICI and use that instead.

About wiring the money, you might have to pay 20% TCS above a certain limit so do check that.

 

[hardeep_khalsa]

What type of check is it? If it is an ordinary check, it makes little sense to do so as you can get a PoF from ICICI and use that instead.

About wiring the money, you might have to pay 20% TCS above a certain limit so do check that.

YES YES Exactly exactly My point brother. Due to the 20% TCS, I am going all nuts on this. You Got Me, Brother.

So, wud you know if just carrying an ordinary check be fine ?? Wud u know anything about this ?? What I am planning to do is -
1. Just transfer a little below 7 Lakh rs, so that I am not subject to 20% TCS.
2. The rest I want to carry via cheque from my own account just for showing purposes - I'll never deposit it in the bank, Just for POF to the Visa officer, I'll make 1 cheque, I'll not deposit it, so it'll remain in my Indian Bank account, and my CAD funds will never be more than 7 Lakh rs, and it's fine with me.

Please do let me know if it's okay to go this way, if you know about this. Thanks a lot in Advance!!

 

[iSaidGoodDay]

YES YES Exactly exactly My point brother. Due to the 20% TCS, I am going all nuts on this. You Got Me, Brother.

So, wud you know if just carrying an ordinary check be fine ?? Wud u know anything about this ?? What I am planning to do is -
1. Just transfer a little below 7 Lakh rs, so that I am not subject to 20% TCS.
2. The rest I want to carry via cheque from my own account just for showing purposes - I'll never deposit it in the bank, Just for POF to the Visa officer, I'll make 1 cheque, I'll not deposit it, so it'll remain in my Indian Bank account, and my CAD funds will never be more than 7 Lakh rs, and it's fine with me.

Please do let me know if it's okay to go this way, if you know about this. Thanks a lot in Advance!!

So, you can definitely wire less than 7 lacs and save yourself from 20% TCS. But any other mode of transfer is likely to attract TCS:
1. I forgot the name of the cheque, but ICICI told me that it would be subjected to TCS too.
2. Cash will attract TCS as well. I'm going to take $9.9k in cash, but that will be subjected to TCS as well.

The best thing you can do is, get some cash to support your first week, but land at the PoE with an ICICI PoF(recent one), open an account next day(or as soon as you can) of landing, wire yourself till the 20% TCS limit. Ask your family members to transfer the remaining, each should be less than 7 lacs. You can pay back your family members by making a local bank transfer from your ICICI. Wiretransfers can take 3-7 days in Canada to process.

If you just want to transfer a large amount, you can wait till you convert your bank account to NRE/NRO and do it without having to face any TCS(will take 6+ months). Or, you can wait till next tax season and move the funds once you file taxes as that won't attract any TCS either. But I guess those two are not an option for you.

 

[hardeep_khalsa]

So, you can definitely wire less than 7 lacs and save yourself from 20% TCS. But any other mode of transfer is likely to attract TCS:
1. I forgot the name of the cheque, but ICICI told me that it would be subjected to TCS too.
2. Cash will attract TCS as well. I'm going to take $9.9k in cash, but that will be subjected to TCS as well.

The best thing you can do is, get some cash to support your first week, but land at the PoE with an ICICI PoF(recent one), open an account next day(or as soon as you can) of landing, wire yourself till the 20% TCS limit. Ask your family members to transfer the remaining, each should be less than 7 lacs. You can pay back your family members by making a local bank transfer from your ICICI. Wiretransfers can take 3-7 days in Canada to process.

If you just want to transfer a large amount, you can wait till you convert your bank account to NRE/NRO and do it without having to face any TCS(will take 6+ months). Or, you can wait till next tax season and move the funds once you file taxes as that won't attract any TCS either. But I guess those two are not an option for you.

You really detailed it out for me. Cannot be more grateful for this. This is really gonna help me out. God Bless You brother. Thanks!