Joint NRE/FCNR(B) accounts with resident close relatives now permitted on former-or-survivor basis, with POA operation allowed. NRIs and PIOs may open NRE and FCNR(B) accounts jointly with a resident close relative on a former-or-survivor basis, with the resident eligible to operate the account as Power of Attorney during the NRI/PIO's lifetime; authorised banks must notify account holders and regulatory amendments to deposit regulations will be issued.
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 NRE/FCNR(B) accounts with resident close relatives now permitted on former-or-survivor basis, with POA operation allowed.
NRIs and PIOs may open NRE and FCNR(B) accounts jointly with a resident close relative on a former-or-survivor basis, with the resident eligible to operate the account as Power of Attorney during the NRI/PIO's lifetime; authorised banks must notify account holders and regulatory amendments to deposit regulations will be issued.
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