money issues
Feb 3rd 2009 | 7:26 pm
#16
Just Joined
Joined: Oct 2008
Posts: 8
From: Zagreb, Croatia
Re: money issues
everything you wrote is a valid and useful information for me, so thanks a lot!!! 
Feb 14th 2009 | 3:04 am
#17
Just Joined
Joined: Jun 2008
Posts: 4
Re: money issues
hi j5 i would be very grateful if you could advice me on how to get my money out of Goa.The developer says he cannot transfer it back into my bank account in the U.k. but will give it to me if I go to Goa. I don't have a bank account in
Goa it is around 30,000pounds the oringinal cash was sent directly from my bank to the developers bank
hi j5
Goa it is around 30,000pounds the oringinal cash was sent directly from my bank to the developers bank
hi j5
I think you will find that under Indian financial laws, you are required to hold a valid visa whilst operating a bank account.
Strictly following the letter of the law you shonn.
Different banks have different attitudes to this situation, some ignore it, some are aware and rigorously enforce it, some deny the law exists, etc. Bear in mind, its in their interest (sic) to get hold of your money, like any bank. In theory, having a UK ICICI bank account doesn't alter any of the above.
The law involved is FEMA (Foreign Exchange Management Act) which is available on line if you search. The wording is in plain English and straight-forward.
With the Indian Authorities closing in on everything foreigners do here, especially the British, please be careful, we have heard of some "panicky" situations.
If you simply want to access your money while on holiday, a Nationwide Flex account allows you to draw from ICICI atms (and it would appear, some others) free of charge and at good exchange rates.
If you are trying to gain from the higher interest rates available here, then please accept that there are risks involved, not just with the "credit crunch", as Indian banks do not offer the guarantees given in the UK, but also the "illegality" of having a bank account without a valid visa.
J5
I posted this on HT yesterday as so many of the "happy-holidaymakers" were extolling the virtues of their Goan bank accounts. Thought it might be relevant to this thread as well. Quite happy to be told I am wrong, but please check first, before you do!
Strictly following the letter of the law you shonn.
Different banks have different attitudes to this situation, some ignore it, some are aware and rigorously enforce it, some deny the law exists, etc. Bear in mind, its in their interest (sic) to get hold of your money, like any bank. In theory, having a UK ICICI bank account doesn't alter any of the above.
The law involved is FEMA (Foreign Exchange Management Act) which is available on line if you search. The wording is in plain English and straight-forward.
With the Indian Authorities closing in on everything foreigners do here, especially the British, please be careful, we have heard of some "panicky" situations.
If you simply want to access your money while on holiday, a Nationwide Flex account allows you to draw from ICICI atms (and it would appear, some others) free of charge and at good exchange rates.
If you are trying to gain from the higher interest rates available here, then please accept that there are risks involved, not just with the "credit crunch", as Indian banks do not offer the guarantees given in the UK, but also the "illegality" of having a bank account without a valid visa.
J5
I posted this on HT yesterday as so many of the "happy-holidaymakers" were extolling the virtues of their Goan bank accounts. Thought it might be relevant to this thread as well. Quite happy to be told I am wrong, but please check first, before you do!
Feb 14th 2009 | 3:15 am
#18
Banned
Joined: Oct 2008
Posts: 2,478
Re: money issues
hi j5 i would be very grateful if you could advice me on how to get my money out of Goa.The developer says he cannot transfer it back into my bank account in the U.k. but will give it to me if I go to Goa. I don't have a bank account in
Goa it is around 30,000pounds the oringinal cash was sent directly from my bank to the developers bank
Goa it is around 30,000pounds the oringinal cash was sent directly from my bank to the developers bank
Oh dear, I have bin and gorn and given the impression I know about banking?
The extract was based on some info I found accidentally a few months back, which after a few discussions convinced me NOT to run a bank account in India.
I know many many others do, and good luck to them.
There are various ways, I think, most of them quasi-legal. Probably best to give it a few days and see if someone who knows what they are talking about gives a more definitive answer.
With the p*ss-poor exchange rate at present, this is very good for changing rupees into pounds (you need less rupees to buy one pound)
If you are not talking profit here, and I gather you are not, there should be few restrictions?
Regards
J5
Feb 14th 2009 | 3:20 am
#19
I love apathy!
Joined: Feb 2008
Posts: 1,248
Re: money issues
hi j5 i would be very grateful if you could advice me on how to get my money out of Goa.The developer says he cannot transfer it back into my bank account in the U.k. but will give it to me if I go to Goa. I don't have a bank account inGoa it is around 30,000pounds the oringinal cash was sent directly from my bank to the developers bank
Your builder CAN return your money through normal banking channels - he would've had a Foreign Inward Rmittance Certificate when the money originally went into Goa - you should INSIST on having your money returned this way as you do not want to be in Goa with just over two million Rupees in cash
Best of luck
Hemingway
Feb 14th 2009 | 3:30 am
#20
Banned
Joined: Oct 2008
Posts: 2,478
Re: money issues
bijou1,
Your builder CAN return your money through normal banking channels - he would've had a Foreign Inward Rmittance Certificate when the money originally went into Goa - you should INSIST on having your money returned this way as you do not want to be in Goa with just over two million Rupees in cash
Best of luck
Hemingway
Your builder CAN return your money through normal banking channels - he would've had a Foreign Inward Rmittance Certificate when the money originally went into Goa - you should INSIST on having your money returned this way as you do not want to be in Goa with just over two million Rupees in cash
Best of luck
Hemingway
How about trying to get your builder to accept this as the correct approach and then coming over to make sure it happens?
J5
Feb 14th 2009 | 3:33 am
#21
Account Closed
Joined: May 2006
Posts: 1,146
Re: money issues
This as all been post earlier in this post. Sorry but this is getting boring each and every member on here as given advise
Please go back to the start of this thread:curse::curse::curse::curse::curse:
Now Im sounding like J5 or Douglas
Please go back to the start of this thread:curse::curse::curse::curse::curse:
Now Im sounding like J5 or Douglas
May 14th 2009 | 6:21 am
#22
BE Enthusiast
Joined: Mar 2008
Posts: 670
Re: money issues
Dear Aunt Noni,
I am filling my expenses claim and wonder can I claim for "my" second home in Goa ?
Although I have tried to comply with the law (?
) over there, I feel I am now getting Sh1t on over here as well 
Your help is appreciated
Robin.D.Votor M.P ( Fidlingham)
I am filling my expenses claim and wonder can I claim for "my" second home in Goa ?
Although I have tried to comply with the law (?
) over there, I feel I am now getting Sh1t on over here as well Your help is appreciated
Robin.D.Votor M.P ( Fidlingham)
May 14th 2009 | 8:50 am
#23
Joined: May 2007
Posts: 8,227
From: Noni the Indian Goan Beach Mulberry
Re: money issues
:curse: please can we have expenses to fly to Goa to save on heating and cheap food.
May 15th 2009 | 2:21 am
#24
I love apathy!
Joined: Feb 2008
Posts: 1,248
Re: money issues
Regards
Hemingway
May 15th 2009 | 2:51 am
#25
A little honey
Joined: Feb 2008
Posts: 443
From: In the beehive
Re: money issues
- and he has paid all his working life for the privilege. 
May 15th 2009 | 2:57 am
#26
Joined: May 2007
Posts: 8,227
From: Noni the Indian Goan Beach Mulberry
Re: money issues
Think he is a pensioner poor old sod not like these loaded MP's with their noses in the trough what he gets for his winter allowance is what most of them spend on lunch.
May 15th 2009 | 4:16 am
#28
I love apathy!
Joined: Feb 2008
Posts: 1,248
Re: money issues
[QUOTE=noni;7575065]Just because you can't escape the british weather, don't take it out on f-i-law.QUOTE]
Wouldn't dream of taking out on him - just envious at the moment, not of being 74 , but of spending winters in sunny warm weather - infact in 'X' years time, I hope to be spending my own winter fuel allowance on running AC somewhere warm. . . . . . . . . . .
He's being doing his winters in the sun every year since the mid 1980s & if I can be in anything like as good health as him when I'm 74, I'll be well pleased!
Regards
Hemingway
Wouldn't dream of taking out on him - just envious at the moment, not of being 74 , but of spending winters in sunny warm weather - infact in 'X' years time, I hope to be spending my own winter fuel allowance on running AC somewhere warm. . . . . . . . . . .
He's being doing his winters in the sun every year since the mid 1980s & if I can be in anything like as good health as him when I'm 74, I'll be well pleased!
Regards
Hemingway
May 15th 2009 | 5:23 am
#29
Joined: May 2007
Posts: 8,227
From: Noni the Indian Goan Beach Mulberry
Re: money issues
[QUOTE=hemingway;7575233]
Just because you can't escape the british weather, don't take it out on f-i-law.QUOTE]
Wouldn't dream of taking out on him - just envious at the moment, not of being 74 , but of spending winters in sunny warm weather - infact in 'X' years time, I hope to be spending my own winter fuel allowance on running AC somewhere warm. . . . . . . . . . .
He's being doing his winters in the sun every year since the mid 1980s & if I can be in anything like as good health as him when I'm 74, I'll be well pleased!
Regards
Hemingway
Wouldn't dream of taking out on him - just envious at the moment, not of being 74 , but of spending winters in sunny warm weather - infact in 'X' years time, I hope to be spending my own winter fuel allowance on running AC somewhere warm. . . . . . . . . . .
He's being doing his winters in the sun every year since the mid 1980s & if I can be in anything like as good health as him when I'm 74, I'll be well pleased!
Regards
Hemingway
