Does Funds in PF Account accepted as Savings

[vinod999]

Hi,
i got my HSMP Approval Letter a while ago and now i am planning for EC. i want to show my Provident Fund Account, Shares Allocated to me by the company under ESOP at the time of Joining(These are vested in Jan'2008 and available for SALE) and Shares Allocated to me under Stock Purchase Plan (I have been contributing 10% of my Gross Salary towards this for past 6 months) and they are ready for Sale now. What are the Proofs i need to Provide so that i can prove that these funds are Readily available to me and i wont be depending on Public Funds in UK. After doing some search i could figure out some of the Documents which i need to Provide.

CA Statement Supporting availability of enough funds.

PF Account (If at all this is accepted):
FORM 3A on Company LetterHead along with Signature and Seal
FORM 23
Previous year PF Statement

Employee Stock Option Program:
Joining Letter Indicating Share Allocation
On-Line Stock Account Statement Indicating the SALE of Allocated Shares

Stock Purchase Plan:
6 Months Payslip Indicating Salary Deduction towards Stock Purchase Plan
On-Line Stock Account Statement Indicating the SALE of Purchased Shares

Need your Guidance in figuring out if i had missed any document.

Apart from this; i was holding Student Visa between Oct'2000 - Jan'2004 and durign my Tenure in UK i was never accessing any Public Funds.


Will this prove that i wont be depending on Public Funds. Your Inputs will be Appreciated.

Thanks

[geriatrix]

Unless BHC(s) have changed their policy in recent times, evidence of maintenance funds by:
1. EPF - No.
2. PPF - Check with BHC. It is allowed, then you will need a letter from the bank to confirm that you have immediate access to X amount (PPF has a lock-in period of 5 years, after which you can only withdraw certain percentage of the total) and that the amount has been held for 3 months.
3. Shares / demat - No.

The reasons as to why these holdings are not considered accetpable evidence of maintenance funds are already available on the forum. Please search if you wish to know in detail.

I would suggest that you check with BHC directly so that you have accurate and updated information from the decision-makers themselves.

regards

[vinod999]

Thanks for the reply sushdmehta.

Another quick question, this might be the dumbest one of all the queries you had seen in this forum. Can you tell me how do I Contact BHC. I am in India at the moment.

[rajesh9pl]

Thanks for the reply sushdmehta.

Another quick question, this might be the dumbest one of all the queries you had seen in this forum. Can you tell me how do I Contact BHC. I am in India at the moment.

Browse VFS India

[geriatrix]

visqry.newdelhi@fco.gov.uk
Chennai.visaenquiry@fco.gov.uk
bombay.visaenquiries@fco.gov.uk

BHC India Website


regards

[vinod999]

Thanks for the Reply sushdmehta. i was very particular on this because whatever shares i am talking about (ESOP, SPP); i will be liquidating them and funds will be at my Disposal. I was doing some search and found this below reply from one of the caseworkers.

"Sir,

As a general rule each single applicant will be required to produce evidence that they have £2,800 at their disposal. This money should be immediately available in sterling in the UK or there should be formal authority to transfer it to the UK. The funds should be in the applicant's name or in a joint account with a married, unmarried or civil partner. If it is in a savings account, the funds must have been held for at least 3 months. Should the money be in a current account the account must have been active for at least 6 months and show regular salary or other income in line with the applicant's stated occupation. If the money is held in trust it must be at the applicant's disposal and not administered by others.

Applicants must provide documentary evidence detailing the source of any funds that have entered their account(s) within the last 3 months, for example fixed deposits, receipts and/or legal documents relating to the sale of assets.

This is a mandatory requirement and the chances of relaxation are very remote.

Yours faithfully
Casework Section
British Deputy High Commission, Chennai

My HSMP Approval Letter was issued on 07 March 2008 and it is too late (Due to work related things; i could not concentrate on EC) for me to show funds in regular manner (keeping the account funded for 3 months). If i have to do this again, then i need to pump funds into my account and hold it for 3 months and apart from that i need to pay one more time whole processing fee. Actually funds are readily available with me but showing them as per the new RUles is turning into a BIG PAIN now.

Wondering if i can "Play by Rules" and get this done.

[geriatrix]

Reading this will help.

Showing evidence of maintenance funds - in line with the prescribed policy - is mandatory, just as following the rules for other attributes is!

regards