Do you know that around 4.44 lakh students take up education abroad and later work there, turning into Non-Resident Indians? Do you know that 54% of the Indian population opted to work abroad as per a survey in 2023?

Great numbers, right?

If you are planning to take the same foreign residence road, then it is time for you to know about one of the important savior elements of NRIs, i.e., Power of Attorney.

But, what is the Power of Attorney? Why should NRIs know about it? What is its importance?

Find answers to all these questions from the view of NRI legal services in Chandigarh and elsewhere via this blog.

What is the Power of Attorney?

A Power of Attorney is a legal document that offers the power for one person (the ‘attorney-in-fact’) to act and decide on behalf of another person (the ‘principal’) in various legal matters and situations.

Here, legal matters and situations include making legal decisions, signing legal documents and agreements, etc on behalf of the principal. A Power of Attorney (POA) can be issued with the guidance of renowned law firms in Chandigarh or elsewhere.

Now, what do Power of Attorney and NRIs have to do together? Find it below.

Why should NRIs know about Power of Attorney?

According to top NRI legal services in India, Power of Attorney is one of the valuable legal tools for NRIs in saving their hard-earned money invested in India, guarding themselves against any legal conflicts in India, and so on.

Generally, NRIs are suggested to go to Power of Attorney in certain situations which are as follows:

To handle and maintain property transactions in India.
To gain proper physical support for business operations in India.
For various financial operations such as bank account operations, and investment management in India.
To handle medical and family emergencies in India.

Moving on, get to know the various kinds of Power of Attorneys that can be suitable for NRIs as per a leading law firm in Chandigarh.

What are the Best Suitable Power of Attorneys for NRIs?

In India, a wide range of Power of Attorney options are available. Yet, certain POAs are considered valuable and safe for NRIs as per the suggestions of leading NRI legal services in Chandigarh, and here they are.

General Power of Attorney – Broader Bandwidth POA on financial and legal matters.

Special Power of Attorney – Narrowed down POA wherein NRI can specify the exact powers granted to the attorney-in-fact, such as selling a particular property or managing a specific investment.

Limited Power of Attorney – Exclusive and specific POA for a specific or limited purpose such as selling a particular asset or land, etc.

Durable Power of Attorney – Unique POA that remains valid under critical circumstances such as when the principal is incapacitated due to illness, disability, etc.

Further, down, find the elaborate view on the importance of Power of Attorney for NRIs in India.

Why and How Important is the Power of Attorney for NRIs in India?

Considering, we always prefer to have a safe depending element at all times, especially in legal matters. So in this case, this legal support is even more important for NRIs to handle critical and essential legal situations in India.

Here are some important reasons for POAs for NRIs as per the leading NRI legal services in India.

Physical Support in Property Management and Transactions:

The most prominent suggestion for NRIs to consider Power of Attorneys by renowned NRI legal services in Chandigarh and elsewhere is physical support for property management and transactions.

NRIs cannot always fly back and forth between India and their resident nations for property management and transactions such as buying, selling, rental maintenance, etc.

In such cases, NRIs can prefer for POAs to be issued to a trusted person who can manage properties on their behalf.

Trusted Responsibility for Banking and Financial Transactions:

In general, NRIs have banking accounts in India that require frequent maintenance and transactions. On the other hand, NRIs can also have financial investments in India which cannot be handled by them in person.

If this is the case, NRIs can choose to issue a POA to a trustworthy person to handle the banking, financial, and investment transactions in India.

Reliable Source for Handling Legal and Compliance Matters:

In certain unfavorable situations, NRIs get to face legal issues in India such as disputes over property, family matters, or business conflicts. On the flip side, NRIs also need to meet certain regulatory compliances in India such as taxation, documentation, etc.

So in these cases, NRIs can prefer to allot an attorney-in-fact to handle the legal procedures on their behalf.

These are three major important aspects of Power of Attorney for NRIs as revealed by leading NRI legal services in Chandigarh.

Now, here is a glimpse into the process of issuing POAs by NRIs.

Steps Involved in Creating Power of Attorneys for NRIs:

Step 1: Drafting of POA which should be done carefully with a clear outline of the authorities and limitations of the attorney-in-fact.

Step 2: On NRI residing abroad during the issue of the POA, the POA should be notarised at the local notary and apostille as per the local regulations and international conventions.

Step 3: Registration of POA at the Sub-Registrar’s Office in India to legally enforce the POA.

Conclusion:

Covering up all the essential details of Power of Attorney for NRIs in India, we have come to the end of the blog. So, now if you are an NRI having gone through this blog, then start your POA process with the support of established NRI legal services Chandigarh for your legal comfort and safety.

FAQs:

What is the Special Power of Attorney for the NRI?

Special Power of Attorney is a legal instrument that can specify the power and purpose of the attorney-in-fact such as banking and financial transactions, property maintenance, etc which will cease to exist on the execution of the assigned task.

What is the importance of Power of Attorney?

Power of Attorney is a strong legal tool that can help NRIs in various legal matters such as property maintenance and transactions, finance and investment management, legal dispute management, etc in India.

Is Power of Attorney valid in all states in India?

Yes, Power of Attorney is valid in all states in India, which means POAs executed in one state are valid in another state but require registration again in the other state.

Can NRI sell property through the Power of Attorney?

Yes, NRIs can sell property through the Power of Attorney. As per the Registration Act of 1908, NRIs buying and selling property should be physically present or can appoint a Power of Attorney.