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Issue with PoF proof

JohnAntony88

JohnAntony88

Star Member
Jul 6, 2017
105
32
Dear seniors and members please help...

I have got ITA, and currently procuring relevant documents.For PoF, we got back the money we had invested in a family friend's business. This was in 2016 and via Cheque. We got the money transferred back to our account in two different installments, one in Jan '18 and the other in Feb '18, via two different accounts of the same person. Now the issue is that once we got the statements from the bank, there is a mismatch with his name on these accounts. One account bears his correct name KUNJACHAN K, while the other has his name as KUNCHACHAN K. Also, in one of the cheque provided his name has a mistake. What to do in this situation? Will a LoE by me suffice, or should I get something else done?
 
JohnAntony88 said:
Dear seniors and members please help...

I have got ITA, and currently procuring relevant documents.For PoF, we got back the money we had invested in a family friend's business. This was in 2016 and via Cheque. We got the money transferred back to our account in two different installments, one in Jan '18 and the other in Feb '18, via two different accounts of the same person. Now the issue is that once we got the statements from the bank, there is a mismatch with his name on these accounts. One account bears his correct name KUNJACHAN K, while the other has his name as KUNCHACHAN K. Also, in one of the cheque provided his name has a mistake. What to do in this situation? Will a LoE by me suffice, or should I get something else done?
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Hi,
CIC is not worried or concerned about the names of the ppl from whom u have rcvd the funds. ur name is imp. also if its liquid money u r showing in your account then it has to be 6 months old. Else my suggestion is that u get a FD done for the said amount. Even 2 days old FD is considered as POF. U can get a statement from the bank regarding the FDs and they are loan free. This should suffice as POF
 
tango_alpha said:
Hi,
CIC is not worried or concerned about the names of the ppl from whom u have rcvd the funds. ur name is imp. also if its liquid money u r showing in your account then it has to be 6 months old. Else my suggestion is that u get a FD done for the said amount. Even 2 days old FD is considered as POF. U can get a statement from the bank regarding the FDs and they are loan free. This should suffice as POF
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currently it is as Savings account (Joint - me and wife). Should i convert it to fixed? what is the advantage of doing so?
 
JohnAntony88 said:
currently it is as Savings account (Joint - me and wife). Should i convert it to fixed? what is the advantage of doing so?
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savings account is ok. yes I would suggest to convert it to fixed as mentioned in the previous post that liquid money shd be 6 months old and the FDs can be 2 days old.
 
tango_alpha said:
savings account is ok. yes, I would suggest to convert it to fixed as mentioned in the previous post that liquid money shd be 6 months old and the FDs can be 2 days old.
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He had deposited it directly to our joint account via net transfer. I don't have it as liquid cash. Sorry for not mentioning it earlier
 
JohnAntony88 said:
He had deposited it directly to our joint account via net transfer. I don't have it as liquid cash. Sorry for not mentioning it earlier
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that money lays as cash in your account, right?
 
tango_alpha said:
that money lays as cash in your account, right?
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if yes, plz convert it to FD coz as per my understanding its not six months old. and any cash in your account is considered as liquid.
 
great. cheers
 
tango_alpha said:
savings account is ok. yes I would suggest to convert it to fixed as mentioned in the previous post that liquid money shd be 6 months old and the FDs can be 2 days old.
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@tango_alpha are you sure of the 2 days FD is acceptable rule ? Can you share the source ? because I read everywhere that if the funds/FD are not 6 months old, CIC asks for justification of the source.
 
civilunderstanding said:
@tango_alpha are you sure of the 2 days FD is acceptable rule ? Can you share the source ? because I read everywhere that if the funds/FD are not 6 months old, CIC asks for justification of the source.
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100% sure as I have ppl who showed 2days old FD at the time of submission and they already have pr. I too m on IP2 and my fd
 
The 6 month average rule exists so CIC knows you didn't borrow the money or take out a loan. You can leave the money in your savings account and include a LoE, as well as the bank statements & copies of the checks. Personally I would get something from your friend stating that was the repayment of a loan you made to them for a business just to be safe.
 
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mgnlky said:
The 6 month average rule exists so CIC knows you didn't borrow the money or take out a loan. You can leave the money in your savings account and include a LoE, as well as the bank statements & copies of the checks. Personally I would get something from your friend stating that was the repayment of a loan you made to them for a business just to be safe.
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Just on a plain paper or do I need to get it notarized?
 
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