How much exchange is available for studies outside India?
Release of foreign exchange for studies abroad up to the estimate given by an institution abroad or US$30,000 per academic year, whichever is higher, does not require prior permission from the Reserve Bank. Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA. In addition to their academic pursuits, they can receive remittance upto USD 100,000 from close relatives from India on self-declaration, towards maintenance, which could include remittances towards their studies also.
A.6. Authorised Dealers may release foreign exchange for an amount of USD 100,000 per academic year or the estimate received from the institution abroad, whichever is higher. Students going abroad for studies are treated as Non-Resident Indians (NRls) and are eligible for all the facilities available to NRls under FEMA. In addition, they can receive remittances up to USD 100,000 from close relatives (as defned in Section 6 of the Companies Act, 1956) from India on self-declaration, towards maintenance, which could include remittances towards their studies also. Educational and other loans availed of by students as resident in India can be allowed to continue. There is no dilution in the existing remittance facilities to students in regard to their academic pursuits.
Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA. In addition, they can receive remittances upto USD 100,000 from close relatives from India on self-declaration, towards maintenance, which could include remittances towards their studies also. Educational and other loans availed of by students as resident in India can be allowed to continue. There is no dilution in the existing remittance facilities to students in regard to their academic pursuits.
