A Power of Attorney (POA) is a legal document that grants authority to an individual (known as the “attorney-in-fact” or “agent”) to act on behalf of another person (known as the “principal”) in legal, financial, or other matters. NRIs (Non-Resident Indians) often use POA to manage their affairs in India. Here are the key points to consider regarding POA for an NRI:
Types of POA: In India, there are 2 main types of POA:
a. General POA: This grants broad powers to the attorney-in-fact to manage various affairs of the NRI, such as buying/selling property, managing bank accounts, representing in legal matters, etc. It remains valid even if the principal becomes incapacitated.
b. Specific/Limited POA: This grants limited powers for specific tasks or purposes, such as selling a specific property, managing a specific bank account, etc. It is valid only for the specific task mentioned.
Execution and Registration: To create a POA, the NRI must execute the document in the presence of a notary abroad or an Indian embassy/consulate official. This notarized document gets sent to India. If the POA pertains to an immovable property in India, it must be adjudicated/registered with the Sub-Registrar’s Office in the relevant jurisdiction in India.
Content and Clauses: A POA should clearly mention the powers delegated to the attorney-in-fact, the limitations (if any), and the duration of the POA. It should also state whether the POA is revocable or irrevocable.
Stamp Duty: Stamp duty is applicable on POA documents, and the amount varies from state to state in India. The POA should be appropriately stamped as per the respective state’s stamp duty regulations.
Revocation: The principal can revoke the POA at any time by executing a revocation deed or by providing written notice to the attorney-in-fact. The revocation should be duly communicated to all relevant parties and institutions where the POA was being used.
It’s important to consult with a legal professional familiar with the laws of your jurisdiction and the specific requirements for executing a POA as an NRI. They can guide you through the process, ensure compliance with the applicable laws, and help tailor the POA to meet your specific needs and circumstances. Also if you want to know what documents are needed when selling your property in India.
Look no further, Don’t let distance be a barrier in managing your Indian property efficiently. Take advantage of our expert services and consult with our legal professionals today to streamline the process and secure your affairs in India. Experience the ease and convenience of our one-stop shop solution by connecting with us now. Your property management needs are in capable hands.