Joint NRI accounts: amended rules permit joint holdings with resident close relatives and rupee receipt provisions for NRIs. The regulations amend Schedule 1 to permit joint accounts for two or more non resident individuals (all being of Indian nationality or origin), allow joint accounts between non residents and residents including resident close relatives on a 'former or survivor' basis with resident close relatives authorised to operate as Power of Attorney holders during the NRI's lifetime, and define 'close relative' by reference to the Companies Act. Schedule 3 is amended to insert clauses permitting rupee amounts credited to NRI accounts subject to compliance with rules on receipts/payments with persons resident outside India and provisions on borrowing and lending in rupees.
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Provisions expressly mentioned in the judgment/order text.
Joint NRI accounts: amended rules permit joint holdings with resident close relatives and rupee receipt provisions for NRIs.
The regulations amend Schedule 1 to permit joint accounts for two or more non resident individuals (all being of Indian nationality or origin), allow joint accounts between non residents and residents including resident close relatives on a 'former or survivor' basis with resident close relatives authorised to operate as Power of Attorney holders during the NRI's lifetime, and define 'close relative' by reference to the Companies Act. Schedule 3 is amended to insert clauses permitting rupee amounts credited to NRI accounts subject to compliance with rules on receipts/payments with persons resident outside India and provisions on borrowing and lending in rupees.
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