Funds for settlement in Indian Rupees

[alexvgs]

Hi,

I'm currently in the United States and have been admitted here legally for over a year. I wanted to apply for Canadian immigration from Buffalo.

I have the required settlement funds for Canadian immigration in Indian Rupees in a bank in India. However, the money is "repatriable", meaning, it may be converted into dollars anytime I ask for it. The bank can also attest to that. Will that suffice when I apply for immigration?

Will the Canadian consulate at Buffalo be satisfied if I provide a statement from my Indian bank stating that I have the required funds? Or do I have to convert all that currency into Canadian dollars?

I'll have to check with my bank whether its possible for me to maintain a deposit in India in Canadian dollars. Even if I convert into Canadian dollars I'm not sure where I can keep that money - in Canada???

Thanks
Alex

[AP]

Well, you do not have to convert the money into canadian dollars and you do not need to transfer the money to canada now. You may have to ask your bank to give you a letter stating how much funds your account has and ask them to mention the equivalent in canadian dollars as on that day.

OR

As you said that you are in the US you may get the money transferred to your US account and get a statement after a month and send that statement along with you application.

Regards,

AP

[SubatomicBionicNanoMan]

I have a related question.

I showed the funds in India in Indian Rupees as well as US Dollars but not Canadian Dollars. Mistake/Miscommunication on my part.
I have already submitted the proof. Is this Ok?

[mikelingen]

alexvgs,  SubatomicBionicNanoMan,

Your financial status required by CIC, during processing of your application vide the "Net Worth Statement" is a letter from your Bank confirming the balance of money in your account in ANY currency.  This amount is then converted in Canadian dollars by the prevailing exchange rates on paper to show your worth in Canadian dollars. 
The above requirement is not to be confused with  -  PROOF OF FUNDS that you have to show on arriving in Canada for the first time, whereby you have to show these funds in cash (Canadia/US $) or a Bank Draft from your home country in these currencies.

Hope this helps.

Mike

[heather]

Hi

Major chunk of my funds are invested in shares. While i intend to submit a CA certificate for the value of the shares....just a little concerned if this will hold good as proof of funds since the value changes basis market fluctuations...would it be a better option to hold above funds in a deposit or will they just go by the valuation done by the CA ? Pls advise.

[heather]

Hi alexvgs

I am assuming you are a NRI and hold a NRE account with an Indian bank, coz you mentioned the funds are "repatriable".  For your information,Indian banks do offer foreign currency fixed deposit accounts in CAD.  However, you needn't convert the funds into CAD ..if the funds are lying in a NRE account...outward repatriation is possible by simply filling in certain forms (A2, FEMA declaration,etc). You need to mention your overseas bank account details (swift code etc) on the forms and the Indian bank will wire transfer the funds in the currency specified, so at the time of processing the outward remittance, the INR currency is converted to CAD(or USD/EURO/GBP) and credited into your overseas bank account.

[alexvgs]

Hi all,

Thanks very much for all the replies.

Just to clarify, does the letter (that I will submit with my application) from the bank showing "proof of funds" have to state the amount of funds held by me in my account in Canadian dollars (meaning does the bank have to show that in the letter they give me) or can it be in Indian rupees and the consulate staff in Buffalo will do the manual calculation (for convertion into Canadian currency per prevailing exchange rates)?

Thanks in advance,
Alex