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RBI notification on NRE accounts
By Our Special Correspondent
MUMBAI,
MARCH 15.
The Reserve Bank of India has decided to authorise banks to permit a resident power of attorney holder to remit funds 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," the RBI said in a notification. The terms and conditions as applicable to NRE accounts in respect of operations by power of attorney would also apply to FCNR (B) accounts.
This is in addition to the facility already available in the case of withdrawals for local payments.
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