Hi,

I am trying to get some information before planning anything on my real estate based transaction. If any one of you have any experience / exposure / knowledge, it is greatly appreciated.

- In the event, you decide to sell the house and the next house is not ready, where could a family of 4 could stay barring basements / Hotels. Do you know any one who managed to get 6 months lease on any apartment / condo.

- In which form of a Bank account, the proceed from sale could be parked safe. Checking / Savings, I believe there is a 100K limit on the amount CDIC insures, it could be by account, so split into 3 accounts for 300K..

- As a fall back, if we do not like to invest here and get into the property tax / maintenance yada yada... rate race and invest in India, What is best form legally transferring money to India for over 400K, say to a a NRE / FCNR account ? more than the cost of transmission, FX could be an influencing factor.

Thanks in advance....

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

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Originally posted by ashedfc


2. For larger amount, its better to stay within the CDIC's 100k limit, we don't foresee any problem in Canadian banks, we why take a chance. In the same note, if your bank is a European one (than be careful a storm/bank run is brewing up there)

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Originally posted by ashedfc

3. For India transfer should not be a problem as long as the proceeds are justified (I mean its not hawala), than any amount is fine. But I would suggest transfer in pieces, who knows you may get a better exchange couple of weeks from now. But its a pure gamble, Manmohan Singh PM has the Finance portfolio, now much of Rupee weakness might not happen (in-fact reverse or Rupee strength is possible; either way Rupee will fluctuate from 57/58/59 to 50/51/52. Keep the proceeds in NRE its lot easier if you want to repatriate back to Canada. & NRE interest gains are not taxed in India..

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Quote:

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Originally posted by ashedfc

Yes split into 2 accounts.. (just to be on the safe side)

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Originally posted by ashedfc

if you exclude the last couple months Rupees weakness, it has been generally predictable.. Rupees has reached an extreme of weakness, now measures are being taken to make it stronger..

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

What is the insurance per account provided by Indian banks. It used to be Rs 100,000 only. Is there any change in the limit?

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Originally posted by ashedfc

Indian banks (big ones) are OK, they are not leveraged like the western banks..

For SBI, (or even the insurance giant LIC) Govt of India is the insurance..

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Originally posted by ashedfc

Govt of India (RBI) will print & bailout ICICI, or Standard Chartered, or Axis, or HDFC, or whatever bank in India needs money..

as its happening all over the western world..

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Originally posted by ashedfc

Was ECB bound to bailout Greece/Spain/Ireland/Italy/Portugal... no but it happened.

in the same way it will happen (if at all such a need arises).
Everyone (I mean) everyone will be bailed out, or the system implodes in a chain of bankruptcies..

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