Please help me its urgent

1. I am from Pakistan and Pak Ruppee value is fluctuating every day and the exchange rate used for previous earnings that will be considered is the last day of the earning.Now the Pakistani Currency is fluctuating very much only last week it was around 136 but today its near 144.So I would like to know if there is any rule on this or I have to bear this with me because it is very difficult to plan for anyone like this.

For e.g. If my earnings are from September 2007 to August 2008.The currency rate for pakistani rupee has fluctuated from 122.26 Rs = 1 British pound in September 2007 to 139 Rs = 1 British pound in August 2008. Can we use average rate of the whole year or average amount for the last day of each month for our application.I cant see anything related to this on the ukvisas and ukba websites.
In the HSMP caseworker guidance notes it is writtne that once can get a letter from the manager first.But dont know whether this is applicable for Tier 1 as well ?!!!!!

2. I want to know if employer side provident fund which is not part of gross salary and employee side provident fund which is part of gross salary can be considered as previous earnings ?

It is important to note that gross salary includes employee side provident fund which is a taxable amount but it is cut along with income tax every month.
Both types of provident funds are given to the employee when he leaves the company.Please guide if amount of both provident fund or either can be considered as earnings.

Please help me in this regard.Looking forward for your reply.Thanks.

hamakhaa wrote:I cant see anything related to this on the ukvisas and ukba websites.

How currency conversion needs to be done (for previous earnings and maintenance funds) is clearly mentioned in the Tier 1 policy guidance, so read it *carefully*.

hamakhaa wrote:I want to know if employer side provident fund which is not part of gross salary and employee side provident fund which is part of gross salary can be considered as previous earnings ?

Answer already given here. But you can include your contribution to EPF if it is declared on your payslip (since forms part of your gross income).

As advised, read the Tier 1 policy guidance *carefully*.

regards

Hi hamakhaa,
I am also from Pakistan and facing exactly the same TWO problem as you mentioned...

The recent flucutation in currency rate really puts my planning out of the box, but i know we have to bear it there is no way round...

I am working for a bank where our salary slip shows FOUR Items
1) Gross Salary 2) Total Paid my bank 3) Deductions and 4) Net Salary

After Gross Salary there is PF fund and Pension contribution by bank which result in Total Paid by Bank (Which is nice amount)..

Then comes deductions where from our gross a equal amount of PF fund is deducted and results in NET SALARY...

NOW CONFUSION IS THAT CAN I USE THE AMOUNT TOTAL PAID BY PAID AS MY GROSS SALARY, Beacause these will be paid if i leave BANK...

LOOKING FOR SENIORS TO REPLY...

VIJAY KUMAR

Hello vijaymaghnani,
Today i discussed with a person regarding the pf who has recently got his approved hsmp.He told me that the employee side pf is part of gross salary hence this can be included in the earnings. I mean the gross salary will be considered.The employee pf is not credited into the bank account but since it is the part of gross salary this (employee side pf) will be considered.
As far as currency fluctuation is concerned, in the hsmp (not tier 1)caseworker guidance document which is a very detailed one clearly mentions that one can request to consider some other way if the country's economic condition is not good. But there is no document I have able to find in tier 1.I believe all pakistani's will be facing this currecny issue.I request to please guide us if someone know anything about this.Thanks.

hammaka, The guidance provides visibility only to earnings calculation for the exchange rate, where it states you use the rate on the last day of the period where you claim for earnings.

But, there seems to be no clarity for exchange rate calculation for maintenance fund.
I have checked at the local VFS office and also called the call centre, they have indicated to use the exchange rate on the date you file your application. I suggest you can also check with yr local BHC and revert.

I suggest you to open an account in foreign currency (GBP, Dollar or Euro).

That will help alot.

Asif786 wrote:hammaka, The guidance provides visibility only to earnings calculation for the exchange rate, where it states you use the rate on the last day of the period where you claim for earnings.

But, there seems to be no clarity for exchange rate calculation for maintenance fund.
I have checked at the local VFS office and also called the call centre, they have indicated to use the exchange rate on the date you file your application. I suggest you can also check with yr local BHC and revert.