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of <h1>New Circular on NRO Account Operations by Power of Attorney Holders Under FEMA Regulations 2000.</h1> The circular addresses the operation of Non-Resident Ordinary Rupee (NRO) accounts by Power of Attorney holders, as per the Foreign Exchange Management (Deposit) Regulations, 2000. It allows a non-resident individual to authorize a resident to operate their NRO account for local payments and remittance of current income in India, net of taxes, but prohibits repatriation of funds outside India except to the non-resident account holder. Amendments to the relevant regulations will be notified separately. Banks are instructed to inform their customers of these changes, issued under the Foreign Exchange Management Act, 1999.
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