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October 2011

A.P. (DIR Series) Circular No. 12, dated 15- 9-2011 —Savings Bank account maintained by residents in India — Joint holder — Liberalisation.

By Gaurang Gandhi | Chartered Accountant
Reading Time 1 mins
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This Circular permits resident in India to include their non-resident close relative(s) (relatives as defined in section 6 of the Companies Act, 1956) as joint holder(s) in their resident bank accounts on ‘former or survivor’ basis. However, such nonresident Indian close relatives are not permitted to operate the said bank accounts during the life-time of the resident account holder.

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