hemingway

Good luck Empire!

I bet you have to "watch your back" in Thailand just as much as you do in Goa - if not more so.

H.

bakedbean

Yes watch out in Thailand too. We used to live there and got seriously ripped off by a dodgy expat lawyer when purchasing a property, so don't think that the grass is always greener.

Empire

I'm not buying property abroad in any country, holidays only.

But I understand what your saying, I spent about six years on and of in Thailand I think it's probably worse.

How about Cambodia ?

bakedbean

I've never been to Cambodia. I think there's a few threads about it in the main section of Far East forum.

Bipat

Slightly off thread: our ongoing saga in trying to transfer accounts from our Goa Branch to Branch in another State, received the following email from Bank:

"extremely sorry to have caused incontinence to you"

At least it gave a laugh!!

hemingway

With the Axis Bank letters that are flying about, they state: we look forward to serving you in the future.

What a pi*s take - serve you in the future - how the f**k do they intend to do that when they are closing accounts & causing hardship (to the few genuine ex-pats) on a wholesale basis. . . . . . . .

Good to see that USA & UK corporate standard bullsh1t & bollocks is alive, well & flourishing in India too.

H.

hemingway

If you read/use/follow Twitter, @AxisBank are on there, send them a tweet telling them what you think about recent events - max 140 characters per tweet

H.

swefi

we received our letters by courier on Friday last week so i emailed the address given by a_f_d in post 35 asking if it was ok to email the request for permission to repatriate funds to that address but have received no reply.

So, by post it will have to be then even though there is very little time. I'm just wondering do you have to state the balance in the accounts or will just the account numbers do?

Also, does anyone know if we would be able to set up another account when we are in Goa and have rupees deposited into it? Due another payment from the builder which won't be sterling. I'm thinking it would be too risky to have him put it into the account we now have a problem with just in case they don't repatriate the money to the UK account.

Thanks for any info.

babu1

You can open a NRO account as a foreigner while you are next in Goa only for the duration of the validity of your visa. The account will be automatically frozen on expiry of the visa.

If everything's above board, there's no reason not to have your next rupee payment into the existing account except that you'll be paying it into a frozen account and you'll be at the mercy of the RBI timewise as to how long they take to repatriate and whatever documentation they require.

Technically, you could get the money deposited from the builder in a new account and shift it out into cash asap. I'd recommend you open the new account with a different bank. It takes around 92R/- to buy £1 at the moment!

I asked yesterday at Axis, Candolim if they could just open a new account for me since I'm here on a new visa and transfer the balance across accounts, but was told this is not possible. Apparently, my account is still open and it cannot be closed until RBI unfreeze it but that doesn't mean I can use it!

It's more than 3 weeks now since I applied and signed to have my frozen account closed, but they can't find the paperwork never mind confirm if anything has been sent to RBI.

I was told it was pointless to approach the RBI in person, as if I could even get there in this continuous downpour, as any balance can only be returned to me through the Authorised Dealer, Axis, and on consent of RBI sent to them only. Alternatively, RBI may decide not to allow me to have my money returned at the branch and insist that it be repatriated which is another hassle.

Come season time, for those who can be bothered with all this rigmarole, anticipate branches busy with irate foreigners demanding their money back, and a flurry of short term T visa new account openings and closings.

Do not expect any improvements in customer service, intelligible answers to basic questions, or accurate advice. A branch officer was guaranteed to phone me today and has not and it is now close of business.

a_f_d

Not according to the FAQ (which imho are not in line with the actual regulations, not that it helps!):
If this is a refund for monies brought in from UK through normal banking channels then the builder should remit it in sterling to your UK account - there is specific permission for this. At the very least you should get an FIRC from the builder otherwise RBI are very likely to refuse permission to repatriate.

AndyD 8-)₹

P.S. Is it just Axis doing this or are have the other banks joined in?

swefi

Thanks babu1/a_f_d.

This is a refund from the builder and it did go to his bank through the correct banking channels. I've been telling him for the last 3 years that the money should be sent back to our UK account but he says his bank won't do this. I'll contact him again now explaining the FIRC. As the accounts are now frozen (unfortunately, before we could extract the last refund installment completely) I don't see any other way. And yes, this is the AXIS bank.

babu1, it sounds like you filled a form out at the bank for them to send to the RBI? I assumed all I needed to do is write to the RBI stating account nos. and ask permission to repatriate funds to the UK...is this correct?

babu1

I completed an account closure form at Axis and they are supposed to be asking RBI to unfreeze the account so it can be closed and I can receive the small balance in rupees while I am here.

If RBI say no to this, I will ask to repatriate the amount which is unnecessary hassle and petty in the circumstances.

Follow the instruction on your letter - I didn't get one - which seems in most cases to be to write to your RBI Regional Office for approval on plain paper to close the account and repatriate the money:

Reserve Bank of India
7th Floor, Gera Imperium-II
Patto, Panaji -
403 001,
India

f.a.o. General Manager & Officer-in-Charge : Shri Jaikish

It would be prudent to also reply to your bank to confirm your balance - if you don't know it - since interest is also frozen.

Thanks Andy for facts and sourcing the address, see previous posts.

hemingway

Axis bank will allegedly "help" you get permission from the RBI for the repatriation of the money. There's a jpeg attached to this post which is actually a 'word' document - which can't be attached as such using this 'generic' tablet. Print off the 'photo' & fill in the blanks before scanning it & emailing it to:

<<snip>>
You should also mail them the hard copy.

I understand account closures are on going at HDFC bank.

Bank of Baroda have branches in major UK cities as well as 3,000+ in India but I guess that going to a BoB ATM in India with a BoB UK debit card would still incur expensive charges & poor exchange rates - can anyone confirm or does anyone know different?

H.

Sue

Sorry about this but I've removed the email address of the person. Could you share that via PM if people want it? It's just I don't want spam bots to pick up someones email that was posted on a public website, as they may get inundated with spam.

hemingway

It was NOT a named person's email address. Total inconsistency as you DID NOT delete a similar email address for the RBI posted earlier in this thread!

Forget it, how stupid of me to try & help on this forum. . . . . why I wasted my time bothering to reply I don't know.

H.