The Special Power of Attorney (POA) for NRE, NRO, or FCNR (B) accounts allows a Non-Resident Indian (NRI) to appoint a resident Indian to manage their bank accounts under specific conditions.

Here are the key points based on the provided document:

Execution Requirements

The rules for setting up the POA depend on where the document is signed:

• If executed in India:

  • The Attorney must be a resident of India.

  • It must be on non-judicial stamp paper of appropriate value and duly notarized.

  • Signatures must be attested by a Notary Public or a Judicial Magistrate.

  • The account holder must sign every page and initial any filled-in blanks.

• If executed outside India:

  • The Attorney must be a resident of India.

  • Signatures must be authenticated by an SBI Foreign Office official or the Indian Embassy/Consulate/High Commission in that country.

  • Stamp duty must be paid in India within three months of the document’s arrival in the country.

  • The account holder must sign every page and initial any filled-in blanks.

     

Permitted Actions (What the Attorney CAN do)

The appointed Attorney is authorized to perform the following on the specific account:

• Operate the designated NRE, NRO, or FCNR (B) account.

• Make local payments in Rupees, including eligible investments that comply with RBI regulations.

• Remit the account holder’s current income (net of taxes) outside of India.

   

• Sign cheques and withdrawal orders for the purposes mentioned above.

Restrictions (What the Attorney CANNOT do)

To protect the account holder, the Attorney is strictly prohibited from:

• Repatriating funds to anyone other than the account holder.

• Making payments as gifts to any resident Indian on behalf of the account holder.

• Transferring funds to other NRO or NRE accounts.

• Opening or closing NRE, NRO, or FCNR (B) accounts.

• Applying for “anytime” banking channels such as Internet Banking (INB) or ATM services.

Documentation

• Identification: The Attorney must provide a self-attested photocopy of a government-issued ID (e.g., Aadhaar, PAN, Passport).

   

• Photographs: Both the account holder and the Attorney must provide passport-sized photographs; the Attorney’s photo must be attested by the account holder.

   

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