Settlement Fund Proof

[LK009_LRE]

Hi,

I've got my ITA in the last draw and now in the process of submitting the documents. I got my settlement funds by selling my car and could someone please tell me what should i upload as proofs? I got the cash from the buyer and it's now in deposited as a fixed term deposit in a bank under my name. I have the document signed by the buyer, seller (i.e. me) and a lawyer as a witness. I have a scanned copy of the Vehicle registration when it was under my name. The original I had to hand over to the buyer. and I have my copy of the "Statement of change of possession of Motor Vehicle" the document which goes to the Department of Motor traffic subsequent to the sale.

Thanks In advance.

 

[hasithaviduranga]

Hi,

I've got my ITA in the last draw and now in the process of submitting the documents. I got my settlement funds by selling my car and could someone please tell me what should i upload as proofs? I got the cash from the buyer and it's now in deposited as a fixed term deposit in a bank under my name. I have the document signed by the buyer, seller (i.e. me) and a lawyer as a witness. I have a scanned copy of the Vehicle registration when it was under my name. The original I had to hand over to the buyer. and I have my copy of the "Statement of change of possession of Motor Vehicle" the document which goes to the Department of Motor traffic subsequent to the sale.

Thanks In advance.

I have the same problem. My AOR was April 11. I have attached only fixed deposit certificates and bank letter. I havn't shown six months average. Also, I have obtained a gift deed from my father after the AOR date. What should I do now?

 

[dotslash227]

Hi,

I've got my ITA in the last draw and now in the process of submitting the documents. I got my settlement funds by selling my car and could someone please tell me what should i upload as proofs? I got the cash from the buyer and it's now in deposited as a fixed term deposit in a bank under my name. I have the document signed by the buyer, seller (i.e. me) and a lawyer as a witness. I have a scanned copy of the Vehicle registration when it was under my name. The original I had to hand over to the buyer. and I have my copy of the "Statement of change of possession of Motor Vehicle" the document which goes to the Department of Motor traffic subsequent to the sale.

Thanks In advance.

Deed of Sale and proof of ownership of car.
Proof that you received the payment via Cash or Bank Transfer
Statement of Bank Account showing the bank transfer or cash deposit and the creation of FD.
Bank letter confirming FD and FD receipt.

Explain that you sold your car to meet the settlement funds and highlight the documents you have attached in Proof of Funds in your LOE.

 

[dotslash227]

I have the same problem. My AOR was April 11. I have attached only fixed deposit certificates and bank letter. I havn't shown six months average. Also, I have obtained a gift deed from my father after the AOR date. What should I do now?

FD receipts and bank letter should be fine enough provided that there is no lien marked on your fixed deposit.

 

[hasithaviduranga]

FD receipts and bank letter should be fine enough provided that there is no lien marked on your fixed deposit.

Yeah the problem is I haven't attached the gift deep from father yet. So I haven't met the months average requirement. There is no lien marked. Its free cash.

 

[dotslash227]

Yeah the problem is I haven't attached the gift deep from father yet. So I haven't met the months average requirement. There is no lien marked. Its free cash.

The average is required usually to make sure that the funds you have are yours and are not borrowed from somewhere else, in case the funds are not more than 6 months old, additional proof is required to show that [like bank statements or gift deeds].

You can raise a CSE query post-AOR and state that the POF was gifted to you by your father and attach the gift deed and his bank statements in case you still want to submit that.

 

[LK009_LRE]

Deed of Sale and proof of ownership of car.
Proof that you received the payment via Cash or Bank Transfer
Statement of Bank Account showing the bank transfer or cash deposit and the creation of FD.
Bank letter confirming FD and FD receipt.

Explain that you sold your car to meet the settlement funds and highlight the documents you have attached in Proof of Funds in your LOE.

I have everything except the "Statement of Bank Account showing the bank transfer or cash deposit and the creation of FD." I got the cash and deposited it in a FD but didn't save the cash deposit slip? What should i do now?

 

[dotslash227]

I have everything except the "Statement of Bank Account showing the bank transfer or cash deposit and the creation of FD." I got the cash and deposited it in a FD but didn't save the cash deposit slip? What should i do now?

Do you have an agreement/sell-purchase deed of the car and transfer of ownership of car between you and the buyer? Use that as the source of funds and do mention it in your LOE that you received cash from the purchase and subsequently created a fixed deposit with the cash you received.

 

[LK009_LRE]

Do you have an agreement/sell-purchase deed of the car and transfer of ownership of car between you and the buyer? Use that as the source of funds and do mention it in your LOE that you received cash from the purchase and subsequently created a fixed deposit with the cash you received.

I have the agreement signed by me, the buyer and a lawyer. also the "Statement of change of possession of Motor Vehicle". I have to send one copy of this to the Department of motor traffic (DMT) and that's it. The buyer has to submit a new application to the DMT and then only the ownership is transferred. DMT is not notifying me when the transfer is done. Will the agreement and the statement be enough as proofs?

 

[dotslash227]

I have the agreement signed by me, the buyer and a lawyer. also the "Statement of change of possession of Motor Vehicle". I have to send one copy of this to the Department of motor traffic (DMT) and that's it. The buyer has to submit a new application to the DMT and then only the ownership is transferred. DMT is not notifying me when the transfer is done. Will the agreement and the statement be enough as proofs?

The agreement should mention the amount the buyer is paying you and that amount should somewhat match the amount of fixed deposit. The agreement, statement of change, FD receipt, bank letter should be sufficient. And don't forget to explain all of it in your LOE.

If Selling Price is less than the FD amount, you will need to show that you owned the rest [through statements, ofcourse].
If SP = FD, fine.
If SP > FD, that is also fine.

 

[hasithaviduranga]

The average is required usually to make sure that the funds you have are yours and are not borrowed from somewhere else, in case the funds are not more than 6 months old, additional proof is required to show that [like bank statements or gift deeds].

You can raise a CSE query post-AOR and state that the POF was gifted to you by your father and attach the gift deed and his bank statements in case you still want to submit that.

I will raise GCMS notes and see if there is any query.

 

[Jss592]

I will raise GCMS notes and see if there is any query.

use the discount option in this video

 

[dotslash227]

I will raise GCMS notes and see if there is any query.

I wouldn't recommend raising a GCMS until 180 days are over since your AOR. When you raise a GCMS, they stop processing your application and start preparing your notes [CIC lacks human resources]. If your application is within the processing time, don't raise a GCMS, simply raise a CSE and submit additional documents and notes.

 

[LK009_LRE]

The agreement should mention the amount the buyer is paying you and that amount should somewhat match the amount of fixed deposit. The agreement, statement of change, FD receipt, bank letter should be sufficient. And don't forget to explain all of it in your LOE.

If Selling Price is less than the FD amount, you will need to show that you owned the rest [through statements, ofcourse].
If SP = FD, fine.
If SP > FD, that is also fine.

The agreement should mention the amount the buyer is paying you and that amount should somewhat match the amount of fixed deposit. The agreement, statement of change, FD receipt, bank letter should be sufficient. And don't forget to explain all of it in your LOE.

If Selling Price is less than the FD amount, you will need to show that you owned the rest [through statements, ofcourse].
If SP = FD, fine.
If SP > FD, that is also fine.

SP=FD. Thanks for your reply will mention everything in the LOE.