Thanks to remittance law that allows the Indian students to earn their desired degree by accessing overseas destination – it is the right time when many Indian students move to different countries for study and thus find a vast scope for them. Getting relevant information regarding remittance law, however, keeps a great relevance for every one who intends to head abroad for study.

The article basically serves its main purpose of informing about remittance law and helping to those who are indulging themselves into the same. Take a look at several important facts that strictly relate to the remittance rule prescribed by the Reserve Bank of India (RBI).

a) The students heading abroad need to confirm their admission first, by making remittance of the required fee payable to the foreign university. Remittance for that will be made from India – the students need not to follow any limit on the amount to be remitted.

As per the RBI regulation – the students are free to remit an amount of $ 100,000 for every financial year towards academic fees. In case of exceeding amount, the students need to collect a letter from university containing detailed description. Once you collect the letter, you can submit the mentioned amount for remittance even without getting permission from RBI or any concerned authorities.

b) Remittance for residing expenses, taking into consideration of this, the students need to carry the specified amount of $10,000 for other expenses – out of this, an amount of $ 3,000 must be carried by the students in the form of foreign currency.

C)  An amount of money received by the students from their family and parents after they fly out.

The Reserve Bank of India awarded a special category for such students heading abroad for completing their study – such students now got full right to be considered as NRIs (Non Resident Indians) under the FEMA (Foreign Exchange Management Act).

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