Dear friends,
What is the difference between the two? Please provide a detailed procedure and formalities for giving Power of Attorney. Is the power of attorney applicable for all financial deals?
Regards,
Rajendra.
From India, Pune
2What is the difference between the two? Please provide a detailed procedure and formalities for giving Power of Attorney. Is the power of attorney applicable for all financial deals?
Regards,
Rajendra.
From India, Pune
Authorized signatories are allowed to sign on behalf of the directors where direct financial transactions do not take place, for example, signing a check. This authorization can be used for obtaining a trade license. However, in the case of a power of attorney, the individual receives absolute authority to deal with any matter.
From India, Calcutta
From India, Calcutta
Hai friend, power of attorney holder will have the full power to exercise as the real person do the acts. No can question his acts of holder.
From India, Visakhapatnam
From India, Visakhapatnam
Dear Rajendrajdhv,
There are broadly two types of Power of Attorneys: 1) General Power of Attorney and 2) Specific Power of Attorney. A General Power of Attorney is generally issued in favor of those persons to carry out day-to-day work. A Specific Power of Attorney is specifically issued in favor of a person to carry out or execute a specific/particular type of work only, and after its completion, the Power of Attorney automatically becomes null and void. Stamping of the Power of Attorney is mandatory. The applicable Stamp Duty differs from State to State in India, for example, it is Rs. 100/- in Gujarat State and I think it is Rs. 200/- in Maharashtra State. Furthermore, the Power of Attorney should exhibit the photographs of both the issuer and the Power of Attorney holder, and it should be notarized/registered with a Notary Public.
With Regards,
A. Prakash
From India, Halol
There are broadly two types of Power of Attorneys: 1) General Power of Attorney and 2) Specific Power of Attorney. A General Power of Attorney is generally issued in favor of those persons to carry out day-to-day work. A Specific Power of Attorney is specifically issued in favor of a person to carry out or execute a specific/particular type of work only, and after its completion, the Power of Attorney automatically becomes null and void. Stamping of the Power of Attorney is mandatory. The applicable Stamp Duty differs from State to State in India, for example, it is Rs. 100/- in Gujarat State and I think it is Rs. 200/- in Maharashtra State. Furthermore, the Power of Attorney should exhibit the photographs of both the issuer and the Power of Attorney holder, and it should be notarized/registered with a Notary Public.
With Regards,
A. Prakash
From India, Halol
Dear Friend,
Authorised signatory and power of attorney are entirely different.
Authorised signatory: This is an internal procedural adjustment; someone is authorized to carry out the works on paper and to deliver on behalf of the seniors. This is a delegated power. However, the authorized signatory and the power are restricted. In the Govt. Sector, some officials are recognized as authorized signatories on cheques. The responsibility squarely rests on those who delegate the power.
Power of Attorney: It is an Act under the Law Commission of India. The power of attorney entails the responsibility of those who are delegated with the power on behalf of someone. This is being registered under the Act (respective Acts). A Chartered Accountant is delegated with the power of attorney for cases on behalf of the owners/organizations. Land dealings come under the power of attorney for those authorized to sell on behalf of the landowner, etc. Such power of attorney needs to be registered with the authorities with due formalities. Please find an attachment for the power of attorney for your reference.
From India, Arcot
Authorised signatory and power of attorney are entirely different.
Authorised signatory: This is an internal procedural adjustment; someone is authorized to carry out the works on paper and to deliver on behalf of the seniors. This is a delegated power. However, the authorized signatory and the power are restricted. In the Govt. Sector, some officials are recognized as authorized signatories on cheques. The responsibility squarely rests on those who delegate the power.
Power of Attorney: It is an Act under the Law Commission of India. The power of attorney entails the responsibility of those who are delegated with the power on behalf of someone. This is being registered under the Act (respective Acts). A Chartered Accountant is delegated with the power of attorney for cases on behalf of the owners/organizations. Land dealings come under the power of attorney for those authorized to sell on behalf of the landowner, etc. Such power of attorney needs to be registered with the authorities with due formalities. Please find an attachment for the power of attorney for your reference.
From India, Arcot
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