According to FEMA regulations, as below
---------------------------------->
12. Operation of NRO account by Power of Attorney holder
Powers have been delegated to the authorized dealers/banks to allow operations on an NRO account by Power of Attorney granted in favour of a resident by the non-resident individual account holder provided such operations are restricted to:
(i) All local payments in Rupees including payments for eligible investments subject to compliance with relevant regulations made by the Reserve Bank; and
(ii) Remittance outside India of current income in India of the non-resident individual account holder, net of applicable taxes.
(iii) The resident Power of Attorney holder is not permitted to repatriate outside India funds held in the account other than to the non-resident individual account holder nor to make payment by way of gift to a resident on behalf of the non- resident account holder or transfer funds from the account to another NRO account.
--------------------------------------->
Regarding the Point (iii). If a person nominates resident POA, can the resident POA transfer funds to any other local resident account holders in India other than the investments clause(i). Please clarify the point(iii) which seems unclear as novice reading this whether a resident POA can transfer monies to other resident account holder in any bank.
Thank You.
