Education-related forex outflow over $2 bn last fiscal

Nearly one lakh Indians held student visa in Australia at the start of the fiscal and the total global outflow of education-related foreign exchange was more than $2 billion last year.     

"As on March 31, 2009, the total number of Indians holding student visa in Australia is 81,690," Minister of State for Finance Namo Narain Meena told Rajya Sabha today.     

On the total forex outflow in terms of overseas students' tuition fees and expenses to Australia, Meena said, the government does not maintain detailed country-wise break-up of the forex outflow.     

"Remittance towards tuition fees is a current account transaction and RBI have delegated the powers to authorise dealers to allow remittances towards tuition fees without the prior approval of RBI," he added.     

The total forex outflows in terms of education related payments from India to all foreign countries during the last five years, including the provisional amount of $2,247 million in FY'09, he said.     

The partially revised figures for FY'08 stood close to $3 billion at $2,827 million. While, the two fiscal years FY'06 and FY'07 saw an outflow of $1.1 billion each and the same was $642 million in fiscal 2004-05.