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RBI simplifies release of forex for students abroad

The Reserve Bank of India today liberalised regulations relating to release of foreign exchange to students going abroad for studies.

An RBI release said that the entire amount of exchange admissible can be released in favour of the student concerned. So far, exchange towards tuition fees had to be remitted by means of a draft in the name of the overseas educational institution.

The entire amount of exchange admissible can be released either in a single annual instalment or in more than one instalment at the discretion of the applicant.

If the letter of confirmed admission from the overseas educational institution does not indicate the exchange requirements, authorised dealers can release exchange up to US dollars 15,000 for the first six months. This is subject to adjustments if necessary, with exchange later being based on documentary evidence regarding exchange requirements.

The amount of scholarship the student receives from the overseas institution may be adjusted against the exchange admissible to him only to the extent desired by the applicant.

The application form 'TRS' for release of exchange for studies abroad has also been simplified and is also available on the Reserve Bank web site.

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