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of <h1>RBI Allows NRIs to Open Joint NRE and FCNR(B) Accounts with Resident Relatives per Companies Act, 1956.</h1> The circular from the Reserve Bank of India dated September 15, 2011, addresses the liberalization of joint account holdings for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). It permits NRIs to open Non-Resident External (NRE) and Foreign Currency Non-Resident (Bank) [FCNR(B)] accounts jointly with their Indian resident close relatives, defined as per the Companies Act, 1956, on a 'former or survivor' basis. The resident relative can operate the account as a Power of Attorney holder during the NRI's lifetime. Amendments to the Foreign Exchange Management (Deposit) Regulations, 2000, will be issued separately.
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