One of my friend needs urgent money in UAE where I am also working , He promised to deposit Pak Rupee in my account in Pakistan after some assess will be sold. He is trustworthy person
It there any violation of rules if someone deposit money in your account, like Rs 20,00000. Will I have to prove at any stage what was the source of this money? Does it make difference if he deposit cash or Cheque.
Hussain Kaisrani replied on Monday, March 25, 2013 04:51 PM
Yes! You may be careful if it is paid in cash. If necessary, please receive the amount in your account by cheque or pay order. To make it more safe for yourself, please take a letter signed with ID card copy the purpose of receiving the amount. It could be gift or loan and some business deal.
Also it is very risky for the depositor to carry this huge amount to the bank. |
JJJ replied on Monday, March 25, 2013 05:15 PM
Dear Jameel Sahib,
For tax point of view, if you purchase any assets out of it, CBR can ask you the source of funds and they will not accept gift given by a friend (it should be a blood relative and a proper documents should be made at the time of gift.
I would suggest, you can offer him amount in UAE currency and take him back same in UAE when he returns and send it to your account yourself in Pakistan. Same law applies for foreign remittance(CBR will only accept if it is sent by blood relative) to purchase any asset in your name. |
NMS replied on Tuesday, March 26, 2013 04:53 AM
only the legal way for help "give money in UAE and take in UAE"
that's all no other way. |
SSP replied on Tuesday, March 26, 2013 06:47 AM
Mr. Jameel,
There is no issue and this 2m is not very big amount as well. Just relax and enjoy life.
I would recommend you to take out the cash and convert into $/AED otherwise your PKR will go further low and you will hit recession.
I just one year PKR lost 30% weight!!
Only worrying factor is to convert and relax.... |
baba jee replied on Tuesday, March 26, 2013 07:03 AM
dear
yes it is issue because it is almost 75000 dhs which is going to some one account with out any bussiness reason. now every thing is being tracked above 10000 dhs.
2nd receiving in pakistan then u have to pay tax because you can not prove that it is foriegn remittence. so be care full. |
Jameel replied on Wednesday, March 27, 2013 12:43 PM
Thanks to all res ponders it was really helpful |
