RBI’s landmark circular grants residents the power to pay IFSC foreign university fees under LRS
RBI has allowed authorised persons to facilitate remittances by resident individuals for payment of fees to foreign universities or foreign institutions in IFSCs.
Are you seeking global education? RBI’s new circular opens the door to IFSC Foreign Universities with a Bang. On June 22, 2023, the RBI issued a circular on “Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)” permitting the resident individuals to remit funds to IFSCs for the purpose ‘of study abroad’ under Liberalized Remittance Scheme (LRS). The funds can be remitted for payment of fees to foreign universities or foreign institutions located in IFSC.
Original Article Source Credits: Financial Express, https://www.financialexpress.com/
Article Written By: Rachit Sharma
Original Article Posted on: July 10, 2023