This form is a special power of attorney. The form provides that the agent of the principal is only authorized to use the principal's funds for the best interest of the principal. The principal also authorizes the agent to receive reimbursement for reasonable amounts, travel costs, lodging, meals, attorney or accountant fees.
Power of attorney is a legal document that grants an individual, known as the "attorney-in-fact" or "agent," the authority to act on behalf of another person, referred to as the "principal." In India, Power of Attorney forms are widely used for various purposes, and they hold significant importance in legal transactions and property matters. There are different types of Power of Attorney forms in India, each catering to specific requirements. Some of these forms include: 1. General Power of Attorney (GPA): This type of Power of Attorney grants broad powers to the agent to act on behalf of the principal in multiple matters. It can be used for property transactions, financial management, business dealings, and litigation purposes. GPA can be either revocable or irrevocable, depending on the principal's intentions. 2. Special Power of Attorney (SPA): SPA gives limited authority to the agent and restricts them to act only in specific matters mentioned in the document. For example, a principal can grant an SPA to authorize their agent to sell a property on their behalf or represent them in court for a particular case. 3. Medical Power of Attorney: This form allows an individual (principal) to appoint an agent who can make crucial medical decisions on their behalf if they are unable to do so. This Power of Attorney is commonly used in situations where the principal is incapacitated or suffers from a serious illness. 4. Power of Attorney for NRI (Non-Resident Indian): This specific form is designed for Indians living abroad who require someone in India to handle their legal and financial matters. Iris often execute this document to grant powers to their relatives or trusted individuals in India to manage property, bank accounts, and investments. 5. Power of Attorney for Property: This type of Power of Attorney allows the principal to grant authority to their agent to handle property-related matters, such as buying, selling, leasing, or managing properties. It is essential for individuals who are unable to personally handle their property affairs or when they are residing in a different location. 6. Power of Attorney for Litigation: This form is used when the principal wants to appoint an agent to represent them in legal matters or court proceedings. The agent, with the authority provided by this Power of Attorney, can act on behalf of the principal and make decisions related to the case. Executing a Power of Attorney form in India requires adherence to legal formalities, which may vary depending on the specific type of Power of Attorney and the state in which it is executed. It is crucial to consult a qualified lawyer or seek legal advice while drafting and executing these documents to ensure compliance with Indian laws.
