Approximately 78 per cent of wealthy Indian parents either plan to send their children abroad for higher education or currently have a child studying at foreign universities, according to the HSBC "Quality of Life Report 2024.” However, these parents often fall short in terms of financial preparedness for this goal. The study also underscores that the challenges of securing adequate …
India had limited foreign exchange reserves post-independence. Examples of permissible transactions are: higher education in foreign universities, medical treatment abroad, maintenance of close relatives staying outside of India, investments in securities abroad, emigration, going abroad for employment, etc. Remittance is prohibited for purchase of lottery tickets/sweep stakes, remittances for the purchase of foreign currency convertible bonds issued by Indian companies …
