Power of attorney not accepted by a bank

Ravi Chopra (Querist) 24 October 2019 This query is : Resolved
Hi,
My daughter has given Power of Attorney in my name. She has a FCNR (fixed deposit) in $ at a nationalized bank. She wants me to remit her money in $. Bank told me Power of Attorney is not valid as
1. Money in fixed deposit is in US $ (foreign currency)
2. Place where amount is to be remitted (a place in US) is outside India (foreign again)
So a POA issued in India can not be used for (foreign) purposes.

Bank told me to take my daughter to their bank for cancellation. Other option they gave me 5 page form to be signed and received in hard copy (print out of soft copy signed by her is not acceptable)

Like to know whether a Power of Attorney is not valid for cancelling fixed deposit in bank? And can it be used to sign on behalf of POA issuer to repatriate money held in US $?

Request experts to kindly reply (my son in law thinks i am not co operating as Lawyer while drafting POA said it's valid for executing all transactions)

thanks!

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Guest (Expert) 24 October 2019
Just fulfill the requirements of the Bank in a polite manner and sort out the issue instead of complicating and wasting your time and energy for other Legal Remedies

Guest (Expert) 24 October 2019
Many International Couriers like DHL etc are very fast in service and could make use of them

Ravi Chopra (Querist) 24 October 2019
Thanks very much sir! I never thought of seeking legal options.
Shall follow your suggestion.

Can you please tell me whether a POA can be used for cancelling a fixed deposit in a bank? Your answer shall help me understand if the lawyer (drafting POA) was correct. (POA given by daughter says I can buy or sell any property or investments in her name.)

Ravi Chopra (Querist) 24 October 2019
POA given by daughter says I can buy or sell any property or investments in her name.

KISHAN DUTT KALASKAR (Expert) 25 October 2019
Dear Sir,
To avoid future complications the Bank people are at liberty to take safety measures. They have their own norms and discretionary power in respect of each and every transaction.

Guest (Expert) 25 October 2019
If you intend to say the POA is common for buying a property by closing of FD account, you may please understand, POA for buying a property does not have any relevance for the purpose of closing of an FD account of a bank. None else other than the account holder can close his/her account with the bank.

If the bank has its branch operating in the country of residence of the account holder, he/she can get that account transferred in that country for the purpose of closure of account in person. After that remittance can be managed as per the provisions of FEMA.

Dr J C Vashista (Expert) 26 October 2019
The Bank has rightly declined to accept PoA for closing account, it is valid and legal.

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