Taxmann's Analysis | Breaking Barriers – RBI's Landmark Circular | IFSC Foreign University Fees

Breaking Barriers: RBI's landmark circular grants residents the power to pay IFSC Foreign University Fees under LRS

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Taxmann's Analysis | Breaking Barriers – RBI's Landmark Circular | IFSC Foreign University Fees

Published on Jun 28, 2023

On June 22, 2023, Reserve Bank of India (RBI) issued a circular regarding remittances to International Financial Services Centres (IFSCs) in India for the purpose of studying abroad. It marks a significant change in the previous regulations and expands opportunities for global education. By allowing resident individuals to remit funds to IFSCs for payment of fees to foreign universities or institutions, the RBI's circular opens doors to IFSC foreign universities with a bang. The article explores the details of the circular, its implications for the Liberalised Remittance Scheme (LRS), and its broader impact on the education landscape in India.

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