It is a legal document executed by one or more persons giving an authority to one or more persons to act on his/ her behalf. It is governed by the Powers of Attorney Act, 1888. The person giving the authority is called the Attorney and the person receiving the authority is called Power of Attorney holder.
A. General Power of Attorney: This power of attorney delegates unlimited authority to another person for them to act on your behalf. B. Specific Power of Attorney: This power of attorney delegates limited authority to another person for them to act on your behalf.
Revocation means recalling or cancelling the authority you have given to the other person. It can be revoked at any time for whatsoever reason you wish. You must do it in writing and give a copy of the revocation to any interested third party such as a bank or financial institution whom you or your Agent have business.