Joint account holdings with non-resident close relatives allowed on former-or-survivor basis with operation restricted during lifetime. Residents in India may include non-resident close relatives as joint holders in resident savings bank accounts on a former or survivor basis, with 'close relatives' as defined in Section 6 of the Companies Act, 1956; such non-resident joint holders shall not be eligible to operate the account during the lifetime of the resident holder. Authorised Dealer banks must notify their customers. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and are without prejudice to other legal permissions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Joint account holdings with non-resident close relatives allowed on former-or-survivor basis with operation restricted during lifetime.
Residents in India may include non-resident close relatives as joint holders in resident savings bank accounts on a former or survivor basis, with "close relatives" as defined in Section 6 of the Companies Act, 1956; such non-resident joint holders shall not be eligible to operate the account during the lifetime of the resident holder. Authorised Dealer banks must notify their customers. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and are without prejudice to other legal permissions.
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