Indian Students Studying Abroad – Revision in the Residential Status

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....dying Abroad - Revision in the Residential Status The Reserve Bank of India has been receiving representations from Indian students studying abroad putting forth various difficulties on account of their residential status. The matter has been reexamined by us keeping in view the definition of residential status in terms of Section 2(v)(i) of Foreign Exchange Management Act (FEMA). Under Section 2....

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.... courses, students may have to take up job or seek scholarships to supplement income to meet their financial requirements abroad. As they have to earn and learn, their stay for educational purposes gets prolonged than what is intended while leaving India. 3. Furthermore, the purport of their argument is that though they are students, they are, in reality, not dependent for a dominant part of the....