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Operations in Non-Resident External (NRE)/Foreign Currency Non-resident (Bank) (FCNR (B)) Accounts by the Resident Power of Attorney Holder
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....nks authorised to deal in foreign exchange Madam/Sirs, Operations in Non-Resident External (NRE)/Foreign Currency Non-resident (Bank) (FCNR (B)) Accounts by the Resident Power of Attorney Holder Attention of the banks authorised to deal in foreign exchange is invited to Foreign Exchange Management (Deposit) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB dated 3rd May 2000. In t....
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.... NRE account to the non-resident account holder provided specific powers for the purpose have been given. The remittances under power of attorney are permitted only to the non-resident account holder. 3. Terms and conditions as applicable to NRE accounts in respect of operations by power of attorney apply, mutatis mutandis, to FCNR (B) accounts. Therefore, banks may allow a resident power of atto....