Through Circular 45 dt. 08.12.2003,RBI has declared that for the purpose of FEMA,students studying abroad will be treated as NRI as soon as they go abroad for studies. (Source: In The Wonderland of Investments (18 th Edition) 2017-18 A book by Sandeep Shanbhag)
People also ask
What are the conditions for studying abroad as an NRI?
The below-mentioned conditions are not from the perspective of students studying abroad only, but in general, and applies to all NRIs. First of all, if you are an NRI as per FEMA you are not allowed to keep Savings bank account or Resident fixed deposits in the bank.
Is there any quota for NRI students in India?
The Government of India (Ministry of Overseas Indian Affairs) has some seats reserved under the NRI Quota for NRI students and foreign nationals to attract more students. What is NRI Quota?
How can I become an NRI after completing 182 days in India?
You may become NRI after completing a specific number of days in India/abroad as per IT Act, but FEMA goes on the Intention of the person or entity to call it as Resident or Resident Outside India. It does not use the term NRI A person residing in India for more than 182 days during the course of the preceding financial year but does not include,
Can an NRI sponsor a student in India?
Under NRI Sponsored Quota, an NRI can sponsor a candidate education in India. What is proof of NRI status?