Hello everyone!
I am an Indian living and working in UAE. I have a salary account here (NBAD) and the other savings account in India (Axis Bank, SBI & IndusInd Bank). As I didn't know about the POF so I was planning to borrow from my friends but when I learned that it is not allowed by CIC, I returned back the borrowed amount to my friends in 2-3 days, except one. To this friend of mine I actually gave him 9000 AED through cash withdrawal (approx. 3000 CAD) in 3 consecutive months of March 2015, April 2015 and July 2015 being 1000 CAD each month respectively which is shown in my statement. So I have 3 questions:
1) Should I return back that 3000 CAD back to my friend and take the statement to be submitted to CIC as I already have enough balance in my Indian Accounts in total? (So I will put all the statements and letters in one file.)
2) Should I put an LOE explaining why suddenly I got so much money in my account and then was transferred back again to the same accounts?
3) What about the amount of 3000 CAD that I didn't return to one of my friends? Should I give the bank statement of last 2-3 years showing that I gave him 3000 CAD in total over a period of 3 consecutive months as he required them and now I am taking them back as I need to show for POF?
I am an Indian living and working in UAE. I have a salary account here (NBAD) and the other savings account in India (Axis Bank, SBI & IndusInd Bank). As I didn't know about the POF so I was planning to borrow from my friends but when I learned that it is not allowed by CIC, I returned back the borrowed amount to my friends in 2-3 days, except one. To this friend of mine I actually gave him 9000 AED through cash withdrawal (approx. 3000 CAD) in 3 consecutive months of March 2015, April 2015 and July 2015 being 1000 CAD each month respectively which is shown in my statement. So I have 3 questions:
1) Should I return back that 3000 CAD back to my friend and take the statement to be submitted to CIC as I already have enough balance in my Indian Accounts in total? (So I will put all the statements and letters in one file.)
2) Should I put an LOE explaining why suddenly I got so much money in my account and then was transferred back again to the same accounts?
3) What about the amount of 3000 CAD that I didn't return to one of my friends? Should I give the bank statement of last 2-3 years showing that I gave him 3000 CAD in total over a period of 3 consecutive months as he required them and now I am taking them back as I need to show for POF?