Would you leave a large amount of money in a Goan Bank?
Know that the interest is high - but do you trust them?

Thought you wuz talking about football then as I thought it said ,
GORDON BANKS ( He was safe ! )

Like all finances it depends on your attitude to risk and we all must have been BIG risk takers to " invest ? in India"

State banks such as B.O.B should be safer than private ones

K-C

Sent from my ICICi phone - bought off a right banker !

Unless you have a continuous visa, under no circumstances should you leave ANY money in a Goan bank.

Foreigners are only permitted to hold an Indian bank account whilst in possession of a current visa.

Should the Goan Banks decide it would be a good scam, they are entitled to freeze any illegally held sums. Some banks are now asking to see your visa, I have heard

Yes I know a lot of you have accounts there and have done for years without problems...............that doesnt make them legal though

That is why I spent mine - don't trust the Goan's not to pull another scam, we have still got an account but only a few rups in it. Too late once they "do to us" what they did with the visa situation

Ive heard that to hold a bank account in India you need a P A N number. What exactly is that?

We were given one by the bank, I think it is for Income Tax Purposes! not that we have anything to pay tax on.

Hi Wheatsheaf/Noni

Yep its to do with income tax and stands for PERMANENT ACCOUNT NUMBER

http://www.incometaxindia.gov.in/pan/overview.asp

Like death and taxes - you can't avoid them !


Sent from my Och i phone - bought off a useless PM !

But not a requirement for holding a bank account.

The rules clearly state that a "tourist" can open a bank account for the duration of their visa.

OK but would you trust the Banks in the present climate?

p.s. KC what the hell are you on about with this funny phone you have acquired. Non techo Noni.

Hope this link from the RBI FAQs re foreigners bank accounts helps clarify the situation a little. These rules have been in place for a good few years now and I cant trace any amendments, but it seems that Goan banks are putting differing interpretations on them. They do state that tourists can open an account for up to 6 months, cover repatriation procedures and also regs. regarding FNs resident in India.

http://www.rbi.org.in/scripts/FAQView.aspx?Id=30

But do you feel safe with your money in the bank in Goa out after all the other "interpretations" we have suffered.

p.s. KC what the hell are you on about with this funny phone you have acquired. Non techo Noni.[/QUOTE]

Sorry its my warped sense of humour Goa's arse about face ways have got to me
When you send an email from an i phone it says "sent from my i phone" so in one of my inebriated warped moments I thought I would bring a little levity to a crap situation
Promise i won't do it again !

Sent from my Dai phone - bought off a Welsh Biddy ( whoops time for a or )

K-C

Sorry its my warped sense of humour Goa's arse about face ways have got to me
When you send an email from an i phone it says "sent from my i phone" so in one of my inebriated warped moments I thought I would bring a little levity to a crap situation
Promise i won't do it again !

Sent from my Dai phone - bought off a Welsh Biddy ( whoops time for a or )

K-C[/QUOTE]
Ok understand now! Hope you have it on a Taffy Orange Sim.

I think this statement was made during a period when 6 month visas
were the norm.

Trust me, the RBI definition for tourists is " the duration of your visa"

But, hey, you disagree?

Fine, its not my money. Leave as much as you like out there.

Yes, the interest rates are attractive. But if the Bangladeshi Royal Mickey Mouse Monopoly Bank in your local town in the UK was offering a high rate of interest, would you shift your life savings in to it?

Would you f**K!

Get a grip here, we will have volatile money markets for the foreseeable future, so why would you want to place your savings in one of the most ridiculous economies in the entire world?

Yeah. Try a Greek bank.