A resident Indian can remit up to $100,000 per year towards maintenance expenses of close relatives abroad, studies abroad, emigration abroad, medical treatment abroad, and employment abroad.
Foreign exchange can be purchased from any Authorised Dealer (ADs). Most banks in India are authorised dealers in forex to facilitate outward remittance.
Under liberalized norms, The limit to remit is USD 100,000 for per individuals, the scheme is available on a per person per annum basis. Remember that the remittances must be for legitimate, bona fide purposes. Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA.
A resident Indian can remit upto US$100,000 for either of the following:
1. Employment Abroad
3. Maintenance of close relatives
4. Education/studies abroad (MBA, MS etc Abroad)
5. Medical treatment abroad
Amounts in excess of the limits may be released by the Bank on basis of documentary evidence of requirement, check your Bank or RBI guidelines for more information.