LAW Courses
LAW Courses

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

RajaRajachozhan (retired )     02 March 2020

General power of authority

General Power of Attorney.      I give General Power of Attorney to my close relative, to operate my Bank Accounts, Invest in Securities, Mutual Fund and FixedzDeposits and redeem the investments whenever due on my behalf, during my absence from the place of my business/residence.

In the contingency of my returning  to my normal place of residence/business, temporarily for a brief period, can I operate my Bank Accounts and do investments etc and redeem the securities etc.   In such circumstances should I revoke the Power given to the POA and then only do my normal operations of Bank a/c etc ?



 2 Replies

Adv. Umesh Arora (SCI)   03 March 2020

It is better that you revoke the POA first and start operating yourself and then once you are sure you may give it back, but that may ruin your relations. 

If the POA has been registered, you will have to revoke it through writing in the same registration office. 

But if your money has been safely growing in his hands, you should not play with the relations. He might take it the wrong way and get biased against you. Though it depends on your personal relations.

Regards

Umesh Arora

(Supreme Court of India)

G.L.N. Prasad (Retired employee.)     03 March 2020

It all depends on such conditions/stipulations in POA document and whether it is specific for operations of Bank Account only or mentions some other obligations of investments etc.

You can simply issue a notice to the Bank and POA holder informing cancellation of POA and stoppage of transactions with immediate effect  and after one week you can continue to operate the account ignoring the POA given.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Post a Suggestion for LCI Team
Post a Legal Query