Operations in Non-Resident External (NRE)/Foreign Currency Non-resident (Bank) (FCNR (B)) Accounts by the Resident Power of Attorney Holder

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..... , 2005 To All banks authorised to deal in foreign exchange Madam/Sirs, Operations in Non-Resident External (NRE)/Foreign Currency Non-resident (Bank) (FCNR (B)) Accounts by the Resident Power of Attorney Holder Attention of the banks authorised to deal in foreign exchange is invited to Foreign Exchange Management (Deposit) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB d .....

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..... s 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. Terms and conditions as applicable to NRE accounts in respect of operations by power of attorney apply, mutatis mutandis, to FCNR (B) accounts. Therefore, banks may allow .....

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