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Can a power of attorney holder in India open a NRE account on behalf of a non-resident and can he credit proceeds of foreign currency notes / travellers cheques to NRE ACCOUNTS ?

April 26, 2017account behalf credit India non-resident NRE power of attorney proceeds

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Can a power of attorney holder in India open a NRE account on behalf of a non-resident and can he credit proceeds of foreign currency notes / travellers cheques to NRE ACCOUNTS ?

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Ans. No. Opening of NRE account through power of attorney is not permitted. However, power of attorney holder can subsequently be appointed to operate NRE account for all local payments and repatriation of funds to NRE account holder alone.