Power of Attorney operations on non-resident rupee accounts: limited local payments and restricted repatriation subject to tax compliance. The amendment allows resident Power of Attorney holders to operate NRO accounts limited to local rupee payments (including eligible investments per Reserve Bank regulations) and remittance abroad of the non-resident account holder's current income net of taxes; it bars the PoA holder from repatriating funds except to the non-resident account holder, making gifts to residents on behalf of the account holder, or transferring funds to another NRO account; outward remittances are subject to Bank-prescribed ceilings and tax compliance.
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 non-resident rupee accounts: limited local payments and restricted repatriation subject to tax compliance.
The amendment allows resident Power of Attorney holders to operate NRO accounts limited to local rupee payments (including eligible investments per Reserve Bank regulations) and remittance abroad of the non-resident account holder's current income net of taxes; it bars the PoA holder from repatriating funds except to the non-resident account holder, making gifts to residents on behalf of the account holder, or transferring funds to another NRO account; outward remittances are subject to Bank-prescribed ceilings and tax compliance.
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