Resident Individuals can use LRS to Remit Funds for IFSC-based Foreign Institutions’ Fees
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Circular No. RBI/2023-24/45 A.P. (DIR Series) Circular No. 06, Dated 22.06.2023
The RBI vide Circular No. RBI/2023-24/45 A.P. (DIR Series) Circular No. 06, dated 22.06.2023 has permitted resident individuals to remit funds to IFSCs for the purpose ‘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.
As per the said circular, the RBI has allowed the authorised persons to facilitate remittances by resident individuals for payment of fees to foreign universities or foreign institutions in IFSCs for pursuing specified courses.
This remittance will be treated as remittance under the purpose ‘studies abroad’ as mentioned in Schedule III of Foreign Exchange Management (Current Account Transactions) Rules, 2000.
Under the extant norms, remittances to IFSCs under LRS can be made only for making investments in securities.
Click Here To Read The Full Circular
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