NRIs/PIOs holding NRE/ FCNR(B) accounts jointly with Indian resident close relative - liberalisation.

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..... liberalisation Attention of the Authorised Dealer (AD) banks is invited to Schedules 1 and 2 of FEMA Notification No. 5/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time, in terms of which Non-Resident (External) Rupee Account Scheme [NRE] and Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B)], respectively are .....

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..... er or survivor basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with extant instructions during the life time of the NRI/ PIO account holder. 4. AD banks may bring the contents of this circular to the notice of their account holders concerned. 5. The necessary amendments to Foreign Exchange Management (Deposit) Regulations .....

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