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of <h1>RBI Amends Foreign Exchange Rules: Power of Attorney Allows Limited NRO Account Operations Under Schedule 3, Effective May 2007.</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Deposit) Regulations, 2000, effective from May 25, 2007. The amendment introduces a new paragraph in Schedule 3, allowing authorized dealers and banks to permit operations on a Non-Resident Ordinary (NRO) account via Power of Attorney. These operations are limited to local rupee payments, eligible investments, and remittance of current income in India to the account holder, subject to tax compliance. The resident Power of Attorney holder is prohibited from repatriating funds outside India, gifting funds to residents, or transferring funds to another NRO account.
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