Students abroad to get NRI status
By Our Banking Bureau | 09 Dec 2003
Mumbai: Indian students studying abroad will henceforth be treated as NRIs under the Foreign Exchange Management Act.
A Reserve Bank of India release said that as non-residents, students will be eligible for receiving remittances from India up to $1,00,000 from close relatives from India on self-declaration towards maintenance, which could include remittances towards their studies also, and up to $1 million out of sale proceeds/balances in their account maintained with an authorised dealer in India.
They will also be eligible for all other facilities available for NRIs under the Foreign Exchange Management Act and educational and other loans taken as residents in India by them would be allowed to continue.
It
was also clarified in the release that these instructions
do not dilute in any way the utilisation of the existing
foreign exchange remittance facilities to students with
regard to their academic pursuits.
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