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Q1) What is the difference between Power of Attorney / Mandate?
A) Mandate is a Power of Attorney for specific purposes whereas Power of Attorney has wider application and specifies various purposes for which it can be executed.
Q2) Can a Power of Attorney holder request Bank to repatriate funds from NRE / FCNR A/c?
A) No. although Power of Attorney holder may be authorized to operate NRI A/c, repatriation from such account will be only at the specific request of account holder. Similarly, as per prevalent exchange conyrol regulations the Power of Attorney holder cannot deposit foreign currency notes in NRE / FCNR A/c.
Q3) Can Power of attorney holder effect nomination on behalf of the account holder?
A) No. For details please refer to FAQ on Nomination.
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