noni

Such a difficult time for you - hope you can sort it. At least you can go into the Panjim office and mither them - no doubt you will come out nothing is straight forward out there as we have all found out to our cost. Good luck anyway.

Val0404

Well, today it was my second try to talk to Axis Bank Panaji. I spend there about 2 hours trying to understand why my account was frozen as my 1 year business visa expires only in November. Here are the answeres that I'va got from General Manager Vikas Jarial:
-My visa is not short term and it expires only in November.
-When you opened the account (btw 3 year ago) you were on 6-months visa and that one has expired.
-But at that time this instruction of RBI (that foreigners can open accounts only for the period of the duration of visa) did not exist. This clause was not mentioned in the papers that I signed with the bank. How can this RBI instruction have retrospective effect?
-This RBI rule existed long before 2010 and our bank didn't follow it. We were penalized by RBI and now we have frozen all NRO accounts.
-How can I get my money back?
-Only after getting approval from RBI your funds will be repatriated back to your country.
Situation is ridiculous...
Maybe someone can advice good lawyer dealing with such kind of things?
And guys who already wrote to RBI: did u get any responce?

noni

How can this RBI instruction have retrospective effect? just like they did in India with the property problems. Anything goes, and the sooner we get used to it the better.
Have written yesterday to RBI but it will take time to get from UK to Panjim and then will probably lie around for months. Will advise when I/IF I hear from them. I also emailed, but they did say White Paper !!

pm Dread she will give you a very good and reliable Advocate, I cannot find his details for you, they must be in Goa.

Val0404

Noni, thank you for your answer. I do agree with u 100%, it is just difficult for me to get used to Indian reality...
I will really appreciate it if Dread can give me contacts of a reliable Advocate.
P.S. And now I will follow your main advice: will remain calm and will drink a glass of wine!

leavinggoa

The 6 month rule for foreigner tourist accounts has always been the case.

dreadsoc

Check your private messages Val - I have sent you some contacts for decent advocates.

Dread - x

noni

Val dealing the Indian ways needs a case of wine, followed by a bottle of Honey Bee. Just don't let the B ds get you down!

msj5

Noni please email it to me and i`ll post it here registered!!

Chameleons

Good plan!

noni

Thanks - on its way owe you 0ne.

msj5

In registered mail today noni!

Veritas1

Hi - I hope this link to the RBI is of some help - these are the latest FAQs on this topic I could find. Certainly these regulations have been in force for many years.

http://www.rbi.org.in/scripts/FAQview.aspx?id=30

Veri

noni

Unfortunately the banks over the last ten years have just been happy to keep our money, and keep quiet about the RBI regulationsl.

Veritas1

I quite agree - these banks need effective regulation and it should be mandatory for them to reveal full operational details of accounts when they are opened. Its a pity that these regs are a real deterrent to repeat tourist visits, particularly now that the two month gap has gone.

Veri

noni

I expect the Staff got commission on the accounts they opened and the banks being greedy just wanted to keep out cash, to have the interest. They should at least let us have had time to have withdrawn the money.