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PROPERTY SALE AGREEMENTS
The sale and purchase of immoveable property requires an agreement between 2 (or more) parties, wherein there is required to be a transfer of title of the property for a consideration. : The terms agreed between the seller and purchaser when put in writing in the form of an agreement is known as a sale agreement or a purchase agreement. These agreements are governed by the provisions of the Indian Contract Act 1372 and the Transfer of Property Act 1882. : According to the Indian Registration Act 1908, the registration of the agreement to sell is only optional. If registered, it helps in establishing the bona-fide nature of the transaction. Further, encumbrance certificate discloses the subsistence of such an agreement, which deters any further agreements, unless the existing one is cancelled. : Such contracts need to be diligently prepared referring to minute details. The services of an expert advocate in property matters should be availed. : Why should you have a 'sale / purchase agreement'? : A sale or purchase agreement is basically lists out the terms agreed upon between the seller and purchaser. Due to the clarity of the terms and conditions as captured in the agreement the probability of mis-interpretation or mis-understanding is minimized protecting the interests of both the purchaser and the seller. These agreements are governed by the provisions of the Indian Contract Act 1372 and the Transfer of Property Act 1882. : What does a 'sale / purchase agreement' include? : A sale or purchase agreement normally will include the following basic details: Persons entering into the agreement, ie: names of the buyer and seller should be mentioned to clearly identify the parties to the contract. : Title of the property, ie: authorized description of the property which the seller is willing to sell and the buyer is willing to buy. This description needs t take into account all legal provisions of the property location. : Consideration should be clearly mentioned in the agreement and the amount of earnest money paid (advance) by the purchaser to the seller while coming into this agreement should also be clearly mentioned with the details of the instrument of payment made among other details. : Date and time-lines are required to be clearly mentioned in the agreement as the agreement should not be indefinite in execution. : Inspection and access to the property and documents by the seller or purchaser during the execution of the agreement should be clearly mentioned to verify original title documents and clear end dates for access or vacating or handing over a unencumbered property should be mentioned. : Possession mode, time and terms and conditions should be clearly mentioned in the agreement. : Dispute Resolution mechanisms such as any mediation or arbitration and clauses therein should be a part of the agreement where in case of disputes (if any) the way forward is clearly demarcated. : Damages to the seller and the purchaser in case of non-fulfillment or non-execution of the agreement should be clearly mentioned. : Other terms and conditions pertaining to the agreement between both the parties should be clearly mentioned in the agreement.

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Repatriation
One of the most important concerns for an Non-resident Indian (NRI) or even an Returning Non-resident Indian (RNRI) is whether he will be able to take the funds/assets from India to offshore countries. : Major transactions undertaken in a lifetime -such as selling a property, inheritance, overseas education, health services, investments among others must be reviewed for tax & legal implications & from the repatriation point of view. Ideally, the plan will be updated as required to respond to changes in the in the personal situation. : One the services that we provides to its NRI/RNRI clients is planning the repatriation from the inception to final repatriation as and when the need may arise. : If you want to send funds overseas or to get funds into India, we are the best in the industry for providing you expertise in remittance and clearances. : Tax clearances or RBI clearance, Form 15 CA and Form 15 CB and many more aspects of repatriation is dealt with dexterity at our desk.

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PROPERTY PURCHASE AGREEMENTS
The sale and purchase of immoveable property requires an agreement between 2 (or more) parties, wherein there is required to be a transfer of title of the property for a consideration. : The terms agreed between the seller and purchaser when put in writing in the form of an agreement is known as a sale agreement or a purchase agreement. These agreements are governed by the provisions of the Indian Contract Act 1372 and the Transfer of Property Act 1882. : According to the Indian Registration Act 1908, the registration of the agreement to sell is only optional. If registered, it helps in establishing the bona-fide nature of the transaction. Further, encumbrance certificate discloses the subsistence of such an agreement, which deters any further agreements, unless the existing one is cancelled. : Such contracts need to be diligently prepared referring to minute details. The services of an expert advocate in property matters should be availed. : Why should you have a 'sale / purchase agreement'? : A sale or purchase agreement is basically lists out the terms agreed upon between the seller and purchaser. Due to the clarity of the terms and conditions as captured in the agreement the probability of mis-interpretation or mis-understanding is minimized protecting the interests of both the purchaser and the seller. These agreements are governed by the provisions of the Indian Contract Act 1372 and the Transfer of Property Act 1882. ; What does a 'sale / purchase agreement' include? : A sale or purchase agreement normally will include the following basic details: Persons entering into the agreement, ie: names of the buyer and seller should be mentioned to clearly identify the parties to the contract. : Title of the property, ie: authorized description of the property which the seller is willing to sell and the buyer is willing to buy. This description needs t take into account all legal provisions of the property location. : Consideration should be clearly mentioned in the agreement and the amount of earnest money paid (advance) by the purchaser to the seller while coming into this agreement should also be clearly mentioned with the details of the instrument of payment made among other details. : Date and time-lines are required to be clearly mentioned in the agreement as the agreement should not be indefinite in execution. : Inspection and access to the property and documents by the seller or purchaser during the execution of the agreement should be clearly mentioned to verify original title documents and clear end dates for access or vacating or handing over a unencumbered property should be mentioned. : Possession mode, time and terms and conditions should be clearly mentioned in the agreement. ; Dispute Resolution mechanisms such as any mediation or arbitration and clauses therein should be a part of the agreement where in case of disputes (if any) the way forward is clearly demarcated. : Damages to the seller and the purchaser in case of non-fulfillment or non-execution of the agreement should be clearly mentioned. : Other terms and conditions pertaining to the agreement between both the parties should be clearly mentioned in the agreement.

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Loan
Loans & advances are required by most of us in the current generation, which could for purchasing a car to buying a home, or for business purpose. However, when taking a loan, care should be taken on deciding the agreement, the lending institution & off-course the duration & the interest rates. ; Most often overlooked features like prepayment clauses or other charges can have an overbearing during the repayment period, which generally is of a long duration. : We provide you guidance regarding the factors important to protecting your interest while availing your loan and moreover syndicate a loan for you from its associations with lending associations & organizations. : We can assist you with Legal documentation, Project Finance, Loan against Property, Housing Loan or any other financing and leveraging options that you may be looking forward to meet you objectives. : We can also structure your current outstanding to a lower interest rate or for higher advances. ; We work with SBI, UBI, Allahabad Bank, HDFC, and few other financial organizations.

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Due Diligence
Owning a house is an important thing in ones life. However, you need to be careful while purchasing a property to avoid falling into legal hassles. A lot of care is needed from the beginning and initial stages : right from site seeing till the registration of the land. The legal status of the land is one of the first issues that you should address before confirming a property. ; A thorough understanding of the Property and Real Estate sector and vast experience in dealing with corporations, organizations and individuals gives our team the expertise to advise clients on various aspects of property transactions in India. : We advise clients and prepare legal documentation for the purchase, sale, lease, rent, mortgage, development, joint venture, construction and in all transactions related to the properties including commercial, industrial, agricultural and residential. We also advise client on the applicable local laws, stamp duties, registration requirements and regulatory and statutory approvals. ; Our real estate and property service includes: Legal documentation Registration Legal scrutiny Title search Due diligence Formation of societies and welfare associations Regulatory and Statutory compliance's ; We have rich experience in property and real estate litigation. Our property and real estate litigation matters include: Title disputes Landlord and Tenant disputes Attachment of property Disputes under specific performance and transfer of property laws Partition and division of property Land use regulations Land acquisition and dispositions : It is your hard earned money and you should be sure about the investment and the depth of the pool before jumping into it.

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JOINT VENTURE/ BUILDER AGREEMENTS
Real Estate market in India has developed remarkably in the past few years. The potential of the Indian property is proved by the growth of the major real estate companies of India. ; The idea of a Joint Venture attracts a lot of individuals and land owners and as there are so many reasons for entering into a joint venture with a real estate builder/promoter. : Whatever you lack is usually the reason for entering into a joint venture which could be any of the following: Time Man power Local knowledge Funds Expertise Land : However there should be caution while choosing a suitable partner in your project and to develop your land into the postcard apartment or resort, else the dream may always remain only on postcard and moreover you may land up in a financial and legal mess putting at stake your land parcel. : So you must be clear as to why you are considering a development joint venture, and it must be secured by a legally prepared and binding real estate development joint venture agreement before you spend a rupee. : A real estate development joint venture agreement sets out what each party will contribute, both in cash or kind and effort, and sets out each party's duties and obligations. : It also sets out what happens if the parties fall out with each other, as well as covering the division of profits or losses. : Note: There is a lot more at stake if you joint venture with your brother-in-law or other relatives ... the term 'on-going-nightmare' is a phrase that readily comes to mind. : If a family real estate development joint venture breaks down, it doesn't matter what the pages in the joint venture agreement say you will end-up earning a lot of heart burn and end up loosing a relative apart from the financial losses. : Real estate development is a business, like any other and it has its rules, regulations, procedures and processes. Given the cost and commitment required for development, it is smart to invest in professional advise right at the beginning.

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TAXATION
A focused and comprehensive tax plan can make a real difference to the success of a business and to the personal finances of its shareholders and often it is a statutory requirement to file tax returns. : Individuals have a host of tax-planning options available to them. An effective tax plan should consider available alternatives and be tailored to the needs of the individual. : Major transactions to be undertaken by the individual, such as accounting, advance tax, capital gains tax, property purchase/sale, loans, investments, insurance, bullion/forex, legacy planning, wills, tax refund, income tax refunds, children education, retirement, children marriage must be considered when drafting the tax plan. What's more, the plan needs to be monitored throughout the year to take into account changes in the priorities. : Our team of professionals have the dedication, knowledge and experience to assist successful growing individuals in minimizing their overall tax burden & planning out their finances for long term benefit.

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WILL & PROBATES
"Where there is a will, there is a relative. Where there isn't a will, there is chaos" Anonymous : This statement aptly describes the situation when a person dies without leaving a will. As we have seen in the past - including for industrialists - not making a will can lead to family feuds and mud slinging over inheritance. To avoid such a situation, it is important to make a will for a peaceful division of your property. After all, death is certain, but the time is not! : Do you want to leave your wealth and let your loved one's fight with each other to get their shares (a la the Ambanis)? I guess not! If you nominated some one in all the financial products you bought and thought that it will be passed to them legally without any issues, you are living in the world of fantasies (it's a common misconception). You need to create a 'will' to distribute your wealth in the manner you want to, and having nominated someone is not the answer. : A Will is defined as "the legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death." In other words, a Will or a Testament means a document made by person whereby he disposes of his property, but such disposal comes into effect only after the death of the testator. : A will can be made by anyone above 21 years of age in India. You can make the will on plain paper in India. It's not legally necessary to make the will on stamp paper. It is advisable to write your will in your own hand writing, as the same can be verified later in case of any doubts raised by relatives. It might happen that according to your family structure and your preferences, you want to divide your wealth unequally or make a provision for a close friend or a faithful servant. This isn't possible if you die without a will. A lot of us feel that talking about "Making a Will" is pretty morbid, and hence, we don't look at it with right attitude. : Why is it so important to make a Will? : A will is so important, that it should be your first step in your financial life. If your family structure is diverse, and you want to leave your wealth to different members of family like you want to, you should prepare your WILL today, not tomorrow, not later. To wit, if you die without preparing a WILL, your wealth will then be distributed as per 'Laws of succession' (Government rules, on how wealth should be divided among family members). A common misconception, is to believe that all the estate is automatically passed on to the spouse, because children and sometimes even relatives can stake a claim to the property. Laws of inheritance and succession, are complicated and diverse in nature, and are different in case of Hindus and Muslims. : Another point you should consider, is the inconvenience caused to your family members because of your laziness, in not making a will for them. In case of a dispute, your family members have to produce the proof about their relationship with and also have to go helter-skelter to lawyers and spent money and energy. Much better then, to gift them some time of yours, and creating a will! This will save them a lot of headache and heartache. : A will has several parts, which duly completed, make up a complete Will. Though there is no legal or defined format, some important points while creating a will are: : Step 1 : Declaration in the beginning Step 2 : Details of Property and Documents Step 3 : Details of ownership Step 4 : Signing the Will : Execution of Will in Court ? : When you are dead, there is someone called an "Executor" who will be responsible for dividing your wealth amongst the beneficiaries and he will make sure the whole process is smooth. It is not legally required to get the will executed in a court of law in presence of a judicial Magistrate in India. However, if you wish, the will can be executed in the presence of Magistrate or the public notary, nominated by the government authorities and sealed in their presence. : Changing the WILL : You can change your will any time you want to. However, make sure that when you make a new will, you mention that this will is the latest and supersedes all earlier wills. If you don�t, it can complicate the situation, cause major confusion, make such matters go to the court of law and take several years before arriving at any final verdict. : Making a Will through Lawyer 'Do-it-yourself' wills often do not contain all the necessary components as required by law and many times ruled as invalid by courts. Anyone who might benefit from the ambiguity of the will can jump in to claim a share and if the courts decide in his/her favour, you would not have had braced for such conclusions and situations. : Probate Of Will In India Probate means copy of the will certified under the seal of a court of a competent jurisdiction. Probate of a will when granted establishes the Will from the death of the testator and renders valid all intermediate acts of the executor as such. It is conclusive evidence of the validity and due execution of the will and of the testamentary capacity of the testator. : A probate differs from succession certificate. A probate is issued by the court, when a person dies testate i.e.having made a will and the executor or beneficiary applies to the court for grant of probate. in case a person has not made a will his legal heirs will have to apply to the court for grant of a succession certificate which will be given as per applicable laws of inheritance. : To Who Can A Probate Be Granted Probate can be granted only to the executor appointed by the will. The appointment may be express or implied by necessary implication. : It cannot be grated to any person who is a minor or is of unsound mind, nor to any association of individuals unless it is a company satisfies the conditions prescribed by the rules made by the State Government. : Persons Eligible For Grant Of Letter Of Administration Where the deceased was a Hindu, Muhammadan, Buddhist Sikh or Jain or an exempted person and has died intestate, the court may grant administration of his estate to any person, who according to the rules for the distribution of the estate applicable for in the case of such deceased would be entitled to the whole or any part of such deceased 's estate. When several of such persons apply for such administration, it shall be the discretion of the court to grant it to any one of them. When no such person applies, it may be granted to a creditor of the deceased. : Letters of administration entitle the administrator to all rights belonging to the intestate as effectively as if the administration has been granted at the moment after his death. : They however do not render valid any intermediate acts of the administrator tending to the damage of the intestate's estate. For obtaining a letter of administration the beneficiary has to apply to the court. The court on receiving satisfactory proof of valid execution of the will issues letter of administration to the beneficiary. The application for letter of administration has to contain the following details: : a. the time of the testator's death b. that the writing annexed in his last will and testament c. that it was duly executed d. the amount of assets which are likely to come to the petitioner's hands, and e. the petitioner is the executor named in the will.

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LEGAL/ INHERITANCE PLANNING
You have spent you life-time building resources and assets for yourself and more importantly for your loved ones and you will definitely want to pass on the benefits of the assets to the rightful beneficiaries in your presence or even in your absence. : It is important to have a qualified Legacy Plan and to structure an Inheritance Strategy so as to avoid any problems for your dependents and loved ones. : Planning you Inheritance can include Asset Mapping, Beneficiary Structuring, Legacy Planning, Tax Optimization, Drafting a Will, Cross Border Regulatory Approval among others. It could also involve structuring a Trust for your beneficiaries or more complex solutions depending on your requirements.

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Trust
TRUST, SOCIETY & ESTATES- : In India a non profit organizations can be registered in the following forms- Trust Societies and A private limited company under section 25. : All the non profit organizations in India exists independently are governed by the Board of Trustees or Managing Committee produce benefits for members outside the organization and are non profit making to the extent that they are prohibited from distributing monitory residual to their own members. : TRUST- : A Trust is defined as an obligation annexed to the ownership of property arising out of the confidence declared and accepted by the owner for the benefit of another, or of another and the owner. : Or in other words a trust is created when assets are transferred to a trustee. The trustee becomes the legal owner and is responsible for managing the assets and distributing them to the beneficiaries of the trust in accordance with the terms of the trust deed : Section 2(15) of the Income Tax Act applicable throughout India defines 'Charitable Purpose' to include relief of the poor, education, medical relief and any advancement of general public utility. A public charitable purpose has to benefit a large section of public as distinguished from specified individuals. ; The main instrument of any public charitable trust is the Trust Deed in which the aims and objectives of the Trust are clearly spelled out. Every Trust Deed has to furnish the details of minimum and maximum number of trustees, their mode of appointment. The deed has to be signed by both settler/s and trustee/s in the presence of two witnesses. While there is no limit on the maximum number of trustees, the minimum number of trustees to form a trust is Two. : A written Trust Deed is always desirable for the following benefits: It is an evidence of the existence of the Trust. It facilitates devolution of trust property to the Trust. It clearly specifies the aims and objectives of the Trust to ascertain whether the trust is a charitable or otherwise. It is essential for obtaining registration under Income Tax Act and claiming exemption from tax. It is essential for registration of immovable property in the name of the Trust. ; The basic requisites of a Trust to come into existence or of the author/settlor of the trust or someone at whose instance the trust comes into existence are: Clear intention of the author/settlor to create a trust. Purpose of the Trust. The Trust property Beneficiaries of the Trust. There must be divesting of the ownership by the author/settlor of the trust in favour of the beneficiary or the trustee. : SOCIETY- : Society as a form of charitable institution will be suitable, where a large number of contributors making regular contributions would require some kind of indirect controls by the office bearers. : When a trust is constituted as a society, it is required to be registered under the Societies Registration Act, 1860. : According to section 20 of the Societies Registration Act, 1860, the following societies can be registered under the Act: 'charitable societies, military orphan funds or societies established at the several presidencies of India, societies established for the promotion of science, literature, or the fine arts, for instruction, the diffusion of useful knowledge, the diffusion of political education, the foundation or maintenance of libraries or reading rooms for general use among the members or open to the public, or public museums and galleries of paintings and other works of art, collection of natural history, mechanical and philosophical inventions, instruments or designs.' : Societies are registered under the Societies Registration Act, 1860, which is a federal act. : The main instrument of any society is the memorandum of association and rules and regulations, wherein the aims and objects and mode of management (of the society) should be enshrined. : A Society needs a minimum of seven managing committee members; there is no upper limit to the number managing committee members. The Board of Management is in the form of a governing body or council or a managing or executive committee : Registration procedure varies from state to state. However for the purpose of registration as society, few of the documents that are required to be filed are: Letter of request for registration. Memorandum of Association. Rules and Regulations. An affidavit of the President or Secretary of the society. Documentary proof of address. : Registration under FCRA (Foreign Contribution (Regulation) Act, 1976)- : Any Charitable Trust, Society, Company, desirous of receiving any foreign contribution from a foreign source, is required to obtain registration under section 6(1) of FCRA. Any such association which is not registered or which has been denied registration, can receive foreign contribution only after obtaining prior permission from home ministry of the Central Government under section 6(1A) of the Act. : In order to obtain registration under the Foreign Contribution (Regulation) Act, (FCRA), the applicant association should preferably be incorporated as a legal entity, that is, as a Charitable Trust, Society, or a Company (u/s. 25) and should have been working for a period of at least three years. The association must not have received any foreign contribution earlier without prior permission of the Government.

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NGO
A NGO or a Non Governmental Organization is perceived to be an association of persons or a body of individuals with non-profit motive may be registered under any of the following Indian Acts: As a Charitable Trust As a Society registered under the Societies Registration Act As a Company licensed under section 25 of the Companies Act : Following is a comparison of various factors and features among trust, society and non profit company

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AGREEMENTS /POA
A memorandum of understanding (MoU) is a document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement. It is a more formal alternative to a gentlemen's agreement. : Sometimes, a memorandum of understanding is used as a synonym for a letter of intent, particularly in private law. A letter of intent expresses an interest in performing a service or taking part in an activity, but does not legally obligate either party. : In international public law, a memorandum of understanding is used frequently. It has many practical advantages when compared with treaties. When dealing with sensitive or private issues, a memorandum of understanding can be kept confidential, while a treaty cannot. ; 1. Introduction Description of the entities that are undersigning the M.O.U. 2. Definitions Glossary of the terms used in the text 3. Principles Basic principles that guide the M.O.U. 4. Scope Cases in which the M.O.U. will be able to be used 5. Request for assistance or information Formal aspects of a request 6. Spontaneous information Exchange of information outside the M.O.U. (usually public information in nature) 7. Permissible use of the information Defines the purposes for the use of the information 8. Confidentiality Prohibition of dissemination of non-public information to third parties 9. Investigation or assistance costs Possibility for charging when the surveying of information involves substantial costs 10. Duration Usually, starting from the date it is signed for an undetermined expiration date 11. Contact persons People to be contacted in case of effectiveness of some pertinent request under the M.O.U. : AGREEMENTS- : Everyone comes across the need for legal documents once every so often. It doesn't matter if you are going into business and need a partnership agreement, getting a job and entering into an employment agreement or you are looking at buying or selling a house and you need a cooling off certificate or a contract for the sale of land, you will almost certainly come across the need for legal documentation at some stage. ; It is very important to ensure that the legal documentation that you obtain is well drafted. Also, you will need to consult a legal professional on many matters simply because it is necessary for the execution of the documents. However, there may be other reasons that you need to consult a legal professional like getting the right guidance and advice about a legal matter and knowing how to interpret the document that you are using. ; Legal Documents are often very complicated and use a lot of technical language because they have to relate to a very specific and technical situation in the law but must also have a relationship with the context and personal situation of the people that the document relates to. This is the reason that a qualified professional is often needed in order to get a binding document drafted and executed. The effects of legal documents often mean that this is not something that you really want to leave in the hands of someone who simply does not know what they are talking about and the reason that the qualification and experience of the legal profession is worth paying for. After all, it will cost you a lot less in the long run to have your rights properly secured than to see your personal situation eroded by the fact that you were given an incompetently drafted piece of legal documentation. : Various examples of legal agreements are as follows: : Business Agreement Business Contract Confidentiality and Non-Disclosure Agreements Consultancy Agreement Copyright License Equipment Lease for Construction or Plant Machinery Loan Agreement Power of attorney Premarital Agreement Trademark License Agreement Discretionary trust: deed of settlement Terms and conditions sale of goods Website Terms and Conditions Employment contract Assignment of copyright Share sale agreement Separation Agreement Pre-nuptial agreement Tenancy agreement for furnished holiday house or flat ; POA : A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor (of the power), and the one authorized to act is the agent, donee, attorney or appointee. : The appointee can be bestowed with several rights, such as the right to sign a contract on your behalf, the right to take your health care decisions, the right to handle your monetary transactions, the right to sell your property or any other legal right. ; As per Indian law, a power of attorney is a legal document that has to be properly framed, using the right legal terminology and setting out the objectives and responsibilities that you wish to authorize the appointee to carry out on your behalf. ; Here are some types of power of attorney documents:- ; A limited (specific) power of attorney gives the appointee very limited powers, to do a specific act, such as authority to sell property on the appointer's behalf. : A general power of attorney authorizes the appointee with several rights and very broad powers, to execute any legal act on behalf of the appointer. This type of a Power of Attorney provides a list of activities that the appointer wants the appointee to perform on his behalf. A general or limited power of attorney expires in case the principal or appointer becomes incapacitated. A durable power of attorney was created to overcome this limitation. A durable power of attorney does not terminate, if the appointer becomes incapacitated. It still remains effective. However, a durable power of attorney must include specific conditions, which authorize the appointee to survive the incapacity of the appointer. Such a power of attorney comes into effect as soon as it is signed by the appointer, unless restricted by some legal condition. : For a power of attorney document to be legally valid under Indian law, it must be exhaustive in its provisions, properly stamped, executed and attested by a certified notary advocate. Remember, in a court of law, if there is a dispute pertaining to the scope of the power of attorney, the interpretation of the court is always strict. Therefore, the legal document should bestow the responsibilities clearly so that the functions are specific and comprehensive. ; The provision to have a Power of Attorney is a boon for NRI's to carry out their operations in India without their presence being required. However with the ease in operations there have been numerous cases of misuse of the POA, hence care should be taken while drafting a POA.

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INSURANCE/ DEATH CLAIMS
An insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. : Hence, an insurance can be termed as an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured event such as death, terminal illness, critical illness, accident of vehicle, fire, or any other event or on the maturity of the policy. : An insurance policy compensates you against the financial impact that can arise following loss, damage or destruction of your property (such as home or vehicle) or your health or life. A fundamental principle of insurance is to put you in the same financial position after a loss or accident that you enjoyed before the loss. However this is easier said than done as getting an insurance claim can be a daunting task for most, right from individuals to corporate houses and you may need specialized assistance for speedy and proper settlement of your claims. : Claims are settled in accordance with the conditions detailed in the policy. When you report a claim, the Insurance Company needs to check that the policy covers the loss. Once the appropriate documents are produced to verify a claim called the process of claim settlement. : Insurance companies have an obligation to settle claims promptly. : You will need to fill a claim form and submit all relevant documents such as original death certificate and policy bond to your insurer to support your claim. : In case a claim arises you should do the following: : Contact the respective insurance company branch office. Contact your insurance advisor Call the respective Customer Helpline : However under various clauses your insurance claim can be denied and it is advisable to get your claim processed immediately or consult a insurance claim advisor or an insurance claim consultant to protect your interests. : BANKING CLAIMS- : Most of us maintain bank accounts and various types of investments in various banks and often this forms a large part of our savings. However in case of death, passing on the funds to the beneficiaries is not always a natural process and may be filled with much running around and hassle. : In case of the absence of nomination in a bank account or deposit it is advisable to take the services of a lawyer who is conversant with banking and claims settlement to assist you with proper, speedy and rightful recovery of the funds. : In case where the deceased depositor had not made any nomination or for the accounts other than those styled as "either or survivor" (such as single or jointly operated accounts), banks have fixed up a minimum threshold limit, for the balance in the account of the deceased depositors, up to which claims in respect of the deceased depositors could be settled without insisting on production of any documentation other than a letter of indemnity. : However amounts beyond this limit require proper documentation which may include a probate among others.

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RBI CLEARANCES
If you are used to professional & quality services and prefer exclusivity and the niche, join in with us and we will take care of your Legal requirements. : Our Team of Consultants will be just a call away to advise you on each decision that you take that will have an impact in your business and in life in general. : You can gain from more than 200 man years of experience and that too without having the silver hairs yourself. : We provide a full bouquet of Legal Services to Non-resident Indians (NRI's) & Returning Non-resident Indians (RNRI's) who require absolutely exclusive services as each of you will have unique requirements which require absolutely customized &transparent solutions delivered in a professional & timely manner. : We have an experience dealing with law, international tax & finance and we are possibly the best consultancy suited to your requirements in India. : We assure you of 100% Professional 100% Transparent 100% Time-bound service.

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About NRI SERVICES

If you are used to professional & quality services and prefer exclusivity and the niche, join in with us and we will take care of your Legal requirements. ; Our Team of Consultants will be just a call away to advise you on each decision that you take that will have an impact in your business and in life in general. : You can gain from more than 200 man years of experience and that too without having the silver hairs yourself. ; We provide a full bouquet of Legal Services to Non-resident Indians (NRI's) & Returning Non-resident Indians (RNRI's) who require absolutely exclusive services as each of you will have unique requirements which require absolutely customized &transparent solutions delivered in a professional & timely manner. : We have an experience dealing with law, international tax & finance and we are possibly the best consultancy suited to your requirements in India. : We assure you of 100% Professional 100% Transparent 100% Time-bound service.

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