Safe Keeping Receipt

OPPORTUNITY TO GET 100% AGAINST PROPERTY VALUE MORE THAN 100 CR.

DOCUMENTS TRADING

Recently a Trade Programme has commenced wherein an immovable property situated anywhere in India can be offered for Trade Programme. Property which is having value more than Rs. 100.00 crore only can be offered for this programme. The advantage in this programme is that  there is no need of getting Safe Keeping Receipt (SKR) which means there are no huge expenses.
The owner of the property gets minimum 100% (Non-refundable) value of the property. THIS IS NOT A LOAN BUT SHARE OF PROFIT FOR THE PROPERTY OWNER AND HENCE IT DOES NOT HAVE TO BE REPAID.

STEP-BY-STEP PROCEDURE:

STEP 1:

The following supportive Documents are required

DOCUMENTS FOR THE PROPERTY:

1. The extracts of 7/12, 8, 8A.

2. Property Card.

3. Schedule II.

4. Sale Agreements/Deeds from the first owner to the current owner.

5. Valuation Report prepared by a Government Approved Valuer. (Not older than one year)

6. Search/Title Report carried out by an advocate/solicitor from the approved panel showing search for at least 30 years. (Not older than three months)

KYC DOCUMENTS OF THE OWNER:

1 Colour Xerox of the passport.

2 Colour Xerox of the Permanent Account Number (PAN) Card.

3 Copy of a Photo Identity Proof.

4 Copy of Residence Proof.

5 Copy of Bank Pass-book. (first page)

6 Copy of a cancelled cheque.

STEP 2:

All the above mentioned documents are to be scanned and forwarded to the Indian Authorised Franchisee on email, who forwards the same to the Overseas Company. Within a week the Overseas Company gives Approval/Rejection of the property along with an Offer (if approved) which is issued in the name of the owner of the property. This Offer is handed over to the owner personally by the Indian Authorised Franchisee after verifying all the original documents.

STEP 3:

The client needs to send an acceptance letter for the open offer that he is accepting the offer and willing to proceed for the trade and sign and scan all agreement papers. If the owner accepts the Offer, he is asked to come forward for execution of Agreement with the main person from the Overseas Company. This person again verifies the veracity of the original documents. After satisfactory scrutiny he executes the necessary Agreement with the owner of the property.

STEP 4:

The main person after his returning to Hong Kong complete the procedure of opening of the Company as well as bank account with HSBC Bank in Hong Kong. The owner gets updates at each stage. The purpose of opening a Company and bank account in Hong Kong is that the Trading Activity is not permitted in India.

STEP 5:

After completion of all requisite procedure the Traders instructs the bank to make (MT 103) wire transfer the funds to owner’s account so opened with HSBC Hong Kong. HSBC Bank Hong Kong then obtains approval from the Reserve Bank of India (RBI) giving all the details of the transactions. After getting the RBI approval HSBC Hong Kong remits the funds (after deducting TDS of 12.50%) to the owner’s designated bank which is mentioned in his Customer Information Sheet (CIS). HSBC Hong Kong issues a Certificate to the owner’s designated bank stating that the funds remitted are clean, clear and are of non-criminal origin.

STEP 6:

The funds which are received in the owner’s bank are with specific instructions to the bank. The owner is not allowed to withdraw these funds till he fulfills certain procedure. HE HAS TO LODGE THE ENTIRE ORIGINAL DOCUMENTS WITH HSBC BANK IN INDIA WITHIN THREE DAYS OF THE RECEIPT OF THE FUNDS WITHOUT FAIL. FAILING TO DO SO WILL RESULT INTO FUNDS BEING RETURNED TO HSBC HONG KONG. The name of the branch of HSBC Bank will be informed to the owner well in advance. The documents are to be lodged for a period of 366 days and HSBC Bank issues Safe Custody Receipt for the documents lodged with them.

Ownership:

The Agreement for the deal is executed only with the owner and not with his Power of Attorney holder. This can be deviated only in select cases where the owner is very old or immobile. In such cases the Agreement can be executed by his next of keen who has been authorized by the owner. In such cases copies of passport of both the persons are mandatory.

In case there the property is owned by more than one person, then the Agreement can be executed by one of the owners provided the remaining joint owners issue authorization in his name. In such cases passport of the authorized person is mandatory. The KYC documents of the rest of the joint owners are mandatory.In case the property is owned by a Company, then a valid Board Resolution giving Authority to a particular Director of the Company is mandatory. However the KYC documents (including passport copies) of all the Directors of the Company are mandatory.

Fund and Security:

When clients spare their funds for opening and registering venture in off shore their funds will be secured by coordinators offering a counter cheque which is valid throughout the country for making out cash.

Offers:

The offer which is provided at initial stage will not be changed after signing the agreement by the owner.

Why offshore:

The question of opening up an account and a venture in offshore is must and initial stage for getting to Trade Programme. Secondly the Trader does not provide any initial payment support because the Traders are the bank employers and they have any fundamental rights to help out in operating accounts. Thirdly when a client supports for their own needs they would stick with the programme until the end of the process.

Taxation:

There would be an initial 12.5% tax deducted as per the Bi-Lateral Tax Treaty with the Hong Kong government while the funds are being transferred to the owner’s account from the Trader’s account. Please note that since the funds received by the owner have been tax deducted the owner can freely utilize the funds as per his wish.

Supportive:

From the day one till the owner gets his funds the coordinators and the Traders will provide their support to get this transaction a successful one.

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