Your child has secured admission to a university in the US and is preparing to fly abroad for the spring term. One of the things bothering you is how to send the money. In addition to the tuition fees and other college-related expenses, money is also required for day-to-day expenses. How much money can you send? Is it better to send it through a bank? Will an authorised forex dealer give you better rates? Is a forex card a good option?
Under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI), an individual can remit $250,000 aboard per year. This includes money remitted for educational purposes.
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First Published: Mon, January 30 2017. 00:47 IST