Proof of Funds Asked By CIC

[sanmacviv]

Hello,
Especially only an Indian can answer this as its related to Indian investment.
When CIC asks to show the proof of funds is it possible for me to show NCD's I purchased and invested in Muthoot Securities in India. I do not have any bank deposit or fixed deposit in private or nationalized banks but have some investment made 3yrs back & still active in Muthoot Securities which is called NCD..
Also I have some amount in what is commonly known as SOCIETY in India who give monthly interest on premium.Is this valid?

Being an Indian citizen , am currently working and living in Dubai, United Arab Emirates. I do get monthly salary but no fixed deposits here in UAE I have in bank. Is this cashable amount (from monthly salary) enough as proof of funds ?

Is there any other way I can prove to CIC about funds?

Thanks for clarifying
Sanmacviv

 

[karandeepwalia]

Hi,

Typically known as 'Desi Jugad' won't work for Canada
You can show PF, Account Statements, FD's, Spouse Funds, Salary Statements with all the pay stubs.

CIC won't accept if the money is not yours. If you are taking money from your family members say - Mother/Father - You need to have a GIFT DEED.
Furthermore, you cannot show any investments or any 'Society Funds'

Funds should be yours and should be in the Bank with Stamped statements from the Bank Stating the money is yours and is for your perusal.


Best,

Karandeep

 

[sanmacviv]

Yes, the funds in Muthoot Finance Securities are under my name itself (am principal applicant) which I invested 3yrs back and this money maturing in November 2016. Since this is a Financial Organization and not a BANK itself can I show this as proof of funds since this is my own money invested as NCD?
Or alternatively once it matures in Nov 2016 should I invest it into some Public Sector bank where I have a Saving Account such as State Bank of India as Fixed Deposit?

I understand that money kept in my name in SOCIETY will not be considered but Muthoot should be, isn't it as its registered under Reserve Bank of India RBI..

Moreover since am working in Dubai I get salary credited into Current Account in Dubai bank. This is direct cash money & I guess that should be more than enough proof of liquid funds as they are readily encashable anytime

Rgds

 

[sushsmart15]

If there is a certain amount which is 100% guaranteed to be paid to you in Nov. 2016, then you can show the statements/Certificates for this money deposited with this financial institute.
Yes, your bank account statements in AED based in Dubai can be used to show Proof of funds.

The required funds needed to demonstrate for POF can be a sum total of different bank accounts, FDs, etc.
The most important thing is that it should all be under your name (if single) or in your accompanying spouse's name (if married).