International Money Transfer for Overseas Education
Foreign Exchange
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International Money Transfer for Overseas Education
Money Transfer Limit:
The Reserve Bank of India has set certain limits for international money transfer. Under the LRS of the RBI, all resident citizens of India are allowed to freely send money up to USD 250,000 per each financial year (April – March). Different purposes allowed under LRS include emigration, medical treatments abroad, overseas education, maintenance of close relatives etc. Overseas education fee is generally paid to the foreign university directly after getting the necessary supporting documents. The upper limit of $250000 can be used in a single foreign exchange transaction or multiple foreign exchange transactions combined in a financial year.
Taxability:
After the Union Budget of the year 2020-21, fresh revisions have been introduced to the Finance Bill, where 5% of tax would be imposed on overseas remittance for above Rs. 7 Lakhs as TCS (Tax collected at Source) under the Liberalized Remittance Scheme (LRS). TCS on remittances supported by financial institutions (educational loan) for study abroad is kept at 0.5% on the payment above Rs 7 Lakhs.
Why Unimoni for international money transfer?
- Easy processing with simple documentation.
- Personalized service to each student.
- Quick transfer at unbeatable rates.
- Most trusted and secured service provider for your international money transfer.
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International Money Transfer for Overseas Education
Money Transfer Limit:
The Reserve Bank of India has set certain limits for international money transfer. Under the LRS of the RBI, all resident citizens of India are allowed to freely send money up to USD 250,000 per each financial year (April – March). Different purposes allowed under LRS include emigration, medical treatments abroad, overseas education, maintenance of close relatives etc. Overseas education fee is generally paid to the foreign university directly after getting the necessary supporting documents. The upper limit of $250000 can be used in a single foreign exchange transaction or multiple foreign exchange transactions combined in a financial year.
Taxability:
After the Union Budget of the year 2020-21, fresh revisions have been introduced to the Finance Bill, where 5% of tax would be imposed on overseas remittance for above Rs. 7 Lakhs as TCS (Tax collected at Source) under the Liberalized Remittance Scheme (LRS). TCS on remittances supported by financial institutions (educational loan) for study abroad is kept at 0.5% on the payment above Rs 7 Lakhs.
Why Unimoni for international money transfer?
- Easy processing with simple documentation.
- Personalized service to each student.
- Quick transfer at unbeatable rates.
- Most trusted and secured service provider for your international money transfer.
