About fema act

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Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2013 As per fema act how many US Dollars can be sent by father to his son Studying in USA for education and maintenance purpose.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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17 August 2013 For studies abroad the estimate received from the institution abroad or USD 100,000, per academic year, whichever is higher, may be availed of from an AD Category I bank and AD Category II. Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA, 1999. Educational and other loans availed of by students as residents in India can be allowed to continue. A student holding NRO account may withdraw and repatriate up to USD 1 million per financial year from his NRO account.

The student may avail of an amount of USD 10,000 or its equivalent for incidental expenses out of which USD 3000 or its equivalent may be carried in the form of foreign currency while going for study abroad.

more information:

http://www.rbi.org.in/commonman/English/scripts/FAQs.aspx?Id=26