How can prove that I got the money after selling the gold?

[nandu.gogila]

Hi All,
I have recently sold XXX gms gold @ Rs:XXXX/gm and secured an amount of Rs:XX,XX,XXX/-
I have deposited the amount in my bank account.

My question is I want to show this amount as 'Proof of funds' for my visa.What are the required documents for that? How can prove that I got the money after selling the gold.?

Regards,
Nandu Gogila

 

[fahad83]

Gold selling slips.

 

[SATDXB]

Hi All,
I have recently sold XXX gms gold @ Rs:XXXX/gm and secured an amount of Rs:XX,XX,XXX/-
I have deposited the amount in my bank account.

My question is I want to show this amount as 'Proof of funds' for my visa.What are the required documents for that? How can prove that I got the money after selling the gold.?

Regards,
Nandu Gogila

The receipt voucher from that jewellary shop is more then enough.It will be better if its a computerized receipt and has the contact details of that shop.


Cheers..

 

[enfield]

Hi All,
I have recently sold XXX gms gold @ Rs:XXXX/gm and secured an amount of Rs:XX,XX,XXX/-
I have deposited the amount in my bank account.

My question is I want to show this amount as 'Proof of funds' for my visa.What are the required documents for that? How can prove that I got the money after selling the gold.?

Regards,
Nandu Gogila

Hi,

If you are from India, seeking a student visa thn most probably it's not going to work. You need a certified loan against your valuable.

How is it possible for a concerned visa officer to trust/verify a gold selling receipt from a private company!

 

[nandu.gogila]

If I sell the gold to a friend and secure the amount. Can i get a sale deed which is notarized and submit??

@Enfield: I am applying for a spouse dependent visa not student visa

Please reply bak!!

 

[fahad83]

well gold, property, saving certificates & currency they are all considered an assets.
People do this all the time, instead of putting money in the bank they invest it in gold bars, saving certificates or currency & property.
Usually because bank pay low interest rates and since there are more options to invest, its wiser choice to roll your money like that, so I suppose its not a big deal, you just have to prove that your funds are legal right.
I think gold selling slips are more then enough as proof.

 

[enfield]

If I sell the gold to a friend and secure the amount. Can i get a sale deed which is notarized and submit??

@ Enfield: I am applying for a spouse dependent visa not student visa

Please reply bak!!

Hi,

I am sure only your bank statement is going to work. CHC (India) do not trust any sort of affidavit, notarized sales deed, valuation report, insurance policy etc etc. Problem comes at the time of verification. It's India, and it's not an easy way to differ between original and fake one.

Probably the best way is to show deposit by way of a certified bank statement and keep your gold selling slips which you may need in case CHC (India) ask for the source of money.

 

[nandu.gogila]

Yes, this is exactly what I am going to do. Sell the gold take the selling slips and then deposit the money in a bank. After depositing the money take a bank statement and submit.

Is this process fine??

 

[xander]

Sell the gold and whatever amount you get for that, keep it in the bank as fixed deposit. Get a loan on that fixed deposit. It called an overdraft.

So suppose you sell the gold and get 10 lakhs. Take that money and make a fixed deposit in the bank and get an overdraft loan out of that amount.

You will get the loan. But I'm not sure if you can use it as your student loan.

 

[enfield]

Yes, this is exactly what I am going to do. Sell the gold take the selling slips and then deposit the money in a bank. After depositing the money take a bank statement and submit.

Is this process fine??

Hi,

Yes.

I repeat CHC may ask for the source of money, so get ready with sell slips.

 

[amarecharla]

How bout mortgaging the GOLD with a bank , take loan show it??

@Enfeild: Is this approach correct and best??

@ Nandu: Wat r u actually planning to do??

 

[nandu.gogila]

Hi,
I am planning to sell the gold to a friend, probably for a bit higher than the market value. Take the money and deposit in a bank.
After that take the bank statement.

@Enfield: How should I prove that my friend has bought the gold from me for Rs:XX,XX,XXX/-
@amarecharle: By mortgaging, we wll get less money.

NEED EVERYONES ADVISE ON THIS.............PLS HELP ME!!!!

 

[fahad83]

Hi,
I am planning to sell the gold to a friend, probably for a bit higher than the market value. Take the money and deposit in a bank.
After that take the bank statement.

@ Enfield: How should I prove that my friend has bought the gold from me for Rs:XX,XX,XXX/-
@ amarecharle: By mortgaging, we wll get less money.

NEED EVERYONES ADVISE ON THIS.............PLS HELP ME!!!!

@nandu.gogila

You can try but that wont work.

 

[royalsting]

Hi,
I am planning to sell the gold to a friend, probably for a bit higher than the market value. Take the money and deposit in a bank.
After that take the bank statement.

@ Enfield: How should I prove that my friend has bought the gold from me for Rs:XX,XX,XXX/-
@ amarecharle: By mortgaging, we wll get less money.

NEED EVERYONES ADVISE ON THIS.............PLS HELP ME!!!!

Buddy that doesn't sound very right. Just put yourself in the position of a VISA officer. If some good jeweller/bank can provide you a computer generated slip of gold sale, it sounds much more authentic than you selling it to a friend and getting a letter from him.

Although I am not denying what you said, its just not safe and any proof thus provided might not be accepted.

 

[enfield]

Hi,
I am planning to sell the gold to a friend, probably for a bit higher than the market value. Take the money and deposit in a bank.
After that take the bank statement.

@ Enfield: How should I prove that my friend has bought the gold from me for Rs:XX,XX,XXX/-
@ amarecharle: By mortgaging, we wll get less money.

NEED EVERYONES ADVISE ON THIS.............PLS HELP ME!!!!

Hi,

If you really intend to go by this way and possibly not satisfied with other options, thn yes, it can also work.

1. Make sure you get payment by way of cheque. Atleast you should have some reference as to the source of money.

2. Make one sale deed as well. Your cheque + sale deed is enough to prove the source of money.


Since you are well established with your work/qualification, may be you would like to attach your ITR details as well. It may help in explaining the variation in your bank statement. In fact it's not a rule that people must save money in bank. I am not even sure if CHC would really like to know the source of money.

But this happen with my close friend who applied for Australian tourist visa in an 'individual capacity'. His application was rejected on ground of not showing the source of Rs. 5 lacs in his account. (finally approved in 2nd attempt after submitting his own ITR and job details.)