NRIs/PIOs holding NRE/ FCNR(B) accounts jointly with Indian resident close relative - liberalisation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sident close relative - liberalisation Attention of the Authorised Dealer (AD) banks is invited to Schedules 1 and 2 of FEMA Notification No. 5/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time, in terms of which Non-Resident (External) Rupee Account Scheme [NRE] and Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Act, 1956) on 'former or survivor' basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder. 4. AD banks may bring the contents of this circular to the notice of their account holders concerned. 5. The necessary amendments to Foreign Exchange Manag....