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Operations in NRE/FCNR (B) Accounts by the Resident Power of Attorney Holder
Presently banks are authorised to deal in foreign exchange are permitted to allow operations on the NRE account in terms of Power of Attorney granted in favour of a resident by the non-resident account holder, provided such operations are restricted to withdrawals for local payments.
2. The position has since been reviewed and RBI has in March 2005, decided that in addition to the facility mentioned above, banks authorised to deal in foreign exchange may also permit a resident power of attorney holder to remit, through normal banking channels, funds out of the balances in 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. Further, banks may allow a resident power of attorney holder to remit, through normal banking channels, funds out of the balances in FCNR (B) account to the non-resident account holder, provided specific powers for the purpose have been given to the power of attorney holder.
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