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of <h1>RBI Allows Non-Resident Relatives as Joint Holders in Resident Accounts, No Operation Rights for Non-Residents.</h1> The circular issued by the Reserve Bank of India (RBI) allows individuals residing in India to include non-resident close relatives as joint holders in their resident bank accounts on a 'former or survivor' basis. However, these non-resident relatives are not allowed to operate the account during the lifetime of the resident account holder. This move follows recommendations from a committee reviewing individual facilities under the Foreign Exchange Management Act, 1999. Authorized Dealer banks are instructed to inform their customers about this change. The circular is issued under specific sections of the Foreign Exchange Management Act, 1999.
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