Are you a student heading to an abroad university? wanna pursue your higher studies from a well renowned college abroad? As you get ready for your studies abroad, it is important to note that you are going to face the need for university fee payments more often and frequently. Hence a detailed knowledge about the remittance processes from India to your foreign university is important at this stage. Here are the main three remittance rules you must know before you step out from India to the foreign university is listed for you. Read and learn more about it for a hassle free remittance from India.
What are the 3 remittance rules you must follow?
1.Fee remittance limits:
Most of the time, fees payable to the foreign university must be remitted by the student itself for confirming the admission. Under the Liberalised Remittance Scheme of RBI, one can remit up to the limit of $250,000 in a financial year.
- Remittance for living expenses:
Through LRS scheme RBI permit students to avail the remittance from India for meeting the living expenses abroad. But this should be within the overall limit set by RBI ie, $250,000 per financial year.
- Required documents: For university fee payments abroad or for remittances to meet the living expenses abroad, PAN card of the remitter is a mandatory document now. In addition to this, duly filled A 2 Form and university offer letter (fee payment) also required to process the university fee payment.
Above listed are the key 3 remittance rules you must keep in mind as an overseas student. This can help you to carry out your remittance process more efficiently
