The rules around sending and receiving money from overseas vary all around the world. In India, the Foreign Exchange Management Act (FEMA) is used to control...
The Liberalised Remittance Scheme is what enables parents to send money to their child studying abroad. This scheme is available to any resident individual (adult or minor). You can send up to $2,50,000 abroad in each financial year. The LRS is unavailable to corporates, partnership firms,...