Can an NRI operate a bank account through a Power of Attorney ?
Yes. NRIs can give Power of Attorney in favour of a resident for the convenience of operating the account for local disbursements or making investments in India. However, the holder of such Power of Attorney cannot conduct the following transactions: • Opening an Account on behalf of a Non Resident • Crediting proceeds of foreign currency notes and travellers cheques. • Making gifts from NRE accounts • Seeking repatriation of funds outside India. Q3) What are the rules of governing the credit of proceeds of foreign currency notes, travelers cheques to NRE accounts? A) During your temporary visits to India as an NRI, you can tender foreign currency notes, travelers chequers brought in by you for crediting your bank accounts. It has been advised by RBI that there will be no limits placed on tenders of Foreign Currency / TCs where the proceeds are to be credited to the resident or non resident account of the tenderer. No further documentary evidence or enquiry into the source of instrumen
