Can Non Resident accounts be opened/ operated by the Power of Attorney holder in India, on behalf of the non-resident?
The accounts cannot be opened by the Power of Attorney holder in India. However, the latter can operate the accounts for the purpose of local payments to be made on behalf of the non-resident account holder. The Power of Attorney holder is not permitted to make gifts from these accounts and, is not allowed to make remittances outside India.
Related Questions
- Can Non Resident accounts be opened/ operated by the Power of Attorney holder in India, on behalf of the non-resident?
- Can an NRI give Power of Attorney to a resident to operate his accounts and for making investments on his behalf?
- Can NRE accounts be opened by the power of attorney holder in India on behalf of a non-resident?
