FEMA – Non-Resident Indian /PIOs permitted to open NRE / FCNR (B) account with their resident close relative

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Non-Resident Indian (NRI), as defined in FEMA Notification No. 5, ibid, may be permitted to open NRE / FCNR(B) account with their resident close relative (relative as defined in Section 6 of the Companies Act, 1956) on ‘former 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.

RBI/2011-12/174
A.P. (DIR Series) Circular No. 13

September 15, 2011