2009 (1) TMI 922

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....ccount holders in respect of the NRE accounts of such NRIs. The order dated 19.04.2007, which is sought to be reviewed, indicates that the learned counsel for the respondent (Union of India) had taken instructions and she had stated that prior to 31.07.1995, foreign currency deposits could be made by individuals other than the NRE account holders in the NRE accounts of such NRIs. It is on the basis of this statement that this court directed that all proceedings pursuant to the show cause notice dated 25.02.2002 as also the show cause notice stood set aside. The show cause notice pertains to a period prior to 31.07.1995. Consequently, the writ petition was disposed of. 2. Now, this application has been filed in which the respondent (Union....

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....ency travellers cheques / foreign currency / bank notes unless and until the same was tendered in person by the account holder himself. There is no dispute that on and after 31.07.1995, this was the position in law. It was the contention of the learned counsel for the petitioner that prior to this, there has been no circular or requirement clearly pointing out that deposits in the NRE accounts could be made by persons other than the NRE account holders themselves. 3. The learned counsel for the respondent referred to the Exchange Control Manual, 1987 and in particular to paragraph 29A.7 thereof which indicated that authorized dealers may allow operations on NRE accounts by residents in terms of power of attorney or other authority grante....