The accounts which an NRI can open are:
- Non-Resident External Account (NRE Account)
- Foreign Currency Non-Resident Account (FCNR Account)
- Non-Resident Ordinary Account (NRO Account)
Archives: FAQs
Is the agent able to procure and acquire insurance and other benefits?
Yes. The agent can manage and procure the insurance and other related things.
The agent appointed by the principal is responsible for the debts obtained by the principal?
No. It is not. The agent will be liable only if a contract has specified so.
Is the agent able to acquire retirement plan transactions and other things?
Yeah. It is possible. The agent can deposit funds, acquire a retirement plan, etc.
What powers cannot be transferred through Power of attorney?
Yes, certain powers cannot be transferred through PoA. It includes Voting, bankruptcy, etc.
What is property management? What is the need for a property manager?
Property management takes responsibility for day-to-day activities, maintenance, maintaining of properties, security, etc. Property managers work for the property owner. They preserve the value of the property by generating income. The need for a property manager arises when the owner cannot manage all his rental property efficiently. It is in this situation; the role of property managers appears.
Is a legal lawyer required for the preparation of Power of attorney?
It is not a legal requirement. But it is always good to get legal advice to avoid confusion and errors.
Can Powers of Attorney be given to more than one agent at a time?
Yes, it is possible to give Power of attorney to two or more at the same time. It is also possible to name a second agent to take over in certain circumstances.
When does Power of Attorney take effect, and how long it lasts?
It comes into effect immediately after the signing of it by the donor itself. It can also take into effect in future times. The period for a power of attorney will depend on the donor. It can be written to last either for a limited period or indefinite.