Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Power of Attorney operations on NRE accounts limited to local payments, remittance to account holder, and investment facilitation. Authorised dealers/banks may allow a resident Power of Attorney to operate an NRE account only for withdrawals for local payments or remittance to the account holder, and, if the account holder or a designated bank is eligible to invest in India, to facilitate such investments; the resident Power of Attorney holder is prohibited from repatriating funds outside India except to the account holder, from making gifts to residents on behalf of the account holder, and from transferring funds to another NRE account.
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.
Power of Attorney operations on NRE accounts limited to local payments, remittance to account holder, and investment facilitation.
Authorised dealers/banks may allow a resident Power of Attorney to operate an NRE account only for withdrawals for local payments or remittance to the account holder, and, if the account holder or a designated bank is eligible to invest in India, to facilitate such investments; the resident Power of Attorney holder is prohibited from repatriating funds outside India except to the account holder, from making gifts to residents on behalf of the account holder, and from transferring funds to another NRE account.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.