Financial Daily from THE HINDU group of publications
Tuesday, Dec 09, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 09, 2003 |
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RBI & Other Central Banks Industry & Economy - Education Money & Banking - Forex Students abroad to get NRI status Our Bureau
Mumbai , Dec. 8 INDIAN students studying abroad will henceforth be treated as NRIs under the Foreign Exchange Management Act. A Reserve Bank of India (RBI) 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 (FEMA) and educational and other loans taken as residents in India by them would be allowed to continue. "Although this may have no immediate material benefit, there might be some taxation benefits as far as their stipend is concerned,'' said bankers. 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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