Question By Akrum66
I have all my funds invested as Saving Certificates in Government National Saving Centre and as term deposit certificate in private banks, whether these original deposits Certificates in Pakistani Rupees will be acceptable as POF on landing in Canada or otherwise I shall have to make bank draft as was made for payment of immigration fees in Royal Bank of Canada in CAD$ or any other document from which bank in Pakistan which will be acceptable in Canada. and How I will be able to handle my deposits in Pakistan from Canada, as there is no Canadian Bank in Pakistan, and I don't know which Pakistani Bank is in Canada.
Reply By Pittabeard
Hi!
I am afraid they won't be acceptable at point of Entry in Canada. Yes you need to make a bank draft in your name and in Canadian dollars. You won't be able to handle your savings/ term deposits in Pakistan from Canada. If you want to use that money you need to en cash all of your saving certificates and term deposits.
Thanks
Comments by Akrum66
Requirement of funds by Dehli CHC
Acceptable proof of funds are:
-bank accounts in your name or the name of your accompanying spouse/common-law partner;
-cashable investments in your name or the name of your accompanying spouse/common-law partner;
-cashable fixed deposits in your name of the name of your accompanying spouse/common-law partner.
Comment of a member:
You are not required to carry your funds in cash when you arrive in Canada. You are, however, required to show documentary evidence that you have the funds available (in bank accounts or cashable investments), and that they can be transferred to Canada.
Comment of a member:
1. U can show proof of fund in any currency but should be equivalent to CHC specified value in CAD.
2. Ideally carry cash, Traveller's cheque or demand draft.
All u need to prove that amount shown as proof of funds is in your hand and being transferred or transferrable to canada.
Disclosure of funds according to CIC.
If you are carrying more than C$10,000, tell a Canadian official when you arrive in Canada. If you do not tell an official, you may be fined or put in prison. These funds could be in the form of:
• cash
• securities in bearer form (for example, stocks, bonds, debentures, treasury bills) or
• negotiable instruments in bearer form (for example, bankers' drafts, cheques, travellers' cheques or money orders).
Summary:
So according to Dehli CHC Office Bank accounts, Cash able investments and fixed deposits are required as POF.
and according to CIC securities in bearer form (for example, stocks, bonds, debentures, treasury bills) are required as POF.
So, why my saving certificates and Term deposits in Public and Private banks do not come under the definition of securities in bearer form like stocks or bonds or fixed deposits or cashable investments and why I will have to encash all investment for Demand draft or Bank Draft.
Whether any one experienced member will further like to elaborate on above matter.
Akrum66
