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A brief introduction on the Power of Attorney in India

Definition: A power of attorney (POA) is a legal document that grants authority to an individual or entity (known as the "attorney-in-fact" or "agent") to act on behalf of another person (known as the "principal") in various legal, financial, or business matters.

Types of POA: In India, there are two primary types of power of attorney: General Power of Attorney (GPA) and Special Power of Attorney (SPA). GPA grants broad powers to the agent to handle a range of matters on behalf of the principal, while SPA specifies limited powers for specific transactions or purposes.

Execution and Registration: The principal must execute the power of attorney in writing, specifying the powers granted to the agent. If the POA pertains to immovable property or is intended for long-term use, it must be executed on non-judicial stamp paper of appropriate value and registered with the appropriate authority, usually the Sub-Registrar of Assurances.

Revocation: The principal retains the right to revoke or cancel the power of attorney at any time, provided they are mentally competent to do so. Revocation can be communicated to the agent in writing, and any third parties who have dealt with the agent should be informed of the revocation.

Liability and Responsibilities: While acting under the power of attorney, the agent owes a fiduciary duty to the principal, meaning they must act in the principal's best interests and avoid conflicts of interest. The agent can be held legally liable for any breaches of this duty or misuse of the powers granted under the POA.

Understanding these key points is essential for both principals granting powers of attorney and agents acting on behalf of principals in India.