I don't know if this has been answered before or not but there goes.
MY EE application was filed in the last week of June 2018. The bank statement (ABC Bank) has PKR 1,250,000 as on the date of application. I have also shown investments in the form of mutual funds and life insurance separately (both totaling around PKR 400,000/-). The proof of funds trails is complete and justified from my salary slips and all.
I have a credit card outstanding of PKR 150,000/- from another XYZ bank which I plan to pay off gradually from funds separate from the one's mentioned above. See my response in green
My question is the following:
1. Does the CIC consider the cash value of the investments (as mentioned in the investment letter) as proof of funds to support my case? Are those mutual funds readily encashable. If yes then they will consider
2. Will CIC have access to information about my credit card outstanding from XYZ bank which is not declared in the Proof of funds information? As far as I know, eCIB access cannot be shared with parties other than financial institution. This should not be a problem.
3. Due to the on-going pressure on PKR, the CAD has spiked from 88/CAD to 93/CAD in inter-bank. How does CIC convert the funds from PKR to CAD since the Bank of Canada does not quote PKR-CAD parity? - It might but in my opinion they should freeze everything at the time of application. Even though if they consider they might ask you another proof of funds.
4. Incase the CAD to PKR exchange further deteriorates, should I keep topping up my ABC bank account to stay at a comfortable level based on the prevailing interbank rate? You should to be, on the safe side keep it as per prescribed limits.
Help would be appreciated.