Operation of NRO account by power of attorney permits local rupee payments and remittance of current income under specified restrictions. A resident Power of Attorney holder may operate a non-resident ordinary rupee (NRO) account to effect local rupee payments, including eligible investment payments under RBI regulations, and to remit outside India the non-resident account holder's current income in India net of taxes. The PoA holder may not repatriate funds to anyone other than the non-resident account holder, make gifts to residents on the account holder's behalf, or transfer funds to another NRO account. Banks may allow such operations pending formal amendment of the regulations.
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.
Operation of NRO account by power of attorney permits local rupee payments and remittance of current income under specified restrictions.
A resident Power of Attorney holder may operate a non-resident ordinary rupee (NRO) account to effect local rupee payments, including eligible investment payments under RBI regulations, and to remit outside India the non-resident account holder's current income in India net of taxes. The PoA holder may not repatriate funds to anyone other than the non-resident account holder, make gifts to residents on the account holder's behalf, or transfer funds to another NRO account. Banks may allow such operations pending formal amendment of the regulations.
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