Overseas Education

As per the Reserve Bank of India statutes, For the purpose of Overseas Education, one can avail of foreign currency notes, travellers cheques and prepaid travel currency cards up to USA $1,00,000/- per annum in a variety of currencies. At Jay Maharaj Money Changers Pvt. Ltd. we provide you the best guidance and assistance for your education needs.

Reserve Bank of India Statutes


  • Resident Indians.
  • Confirmed admission in overseas college / university / educational Institution.
  • Students holding Foreign Passports and dependent on their parents, resident in India.

Quantum of Exchange

  • USD 100,000 per annum towards tuition fees, living expenses, books etc.
  • Exchange can be released in travelers’ cheques/draft/TT with maximum currency component of USD 3000 (May 04 Notif (ication) or its equivalent.


  • $_GET letter available with Jay Maharaj Money Changers Pvt. Ltd.
  • Form A-2 with FEMA declaration available with Jay Maharaj Money Changers Pvt. Ltd.
  • Form I – 20 mandatory for students studying in United States.
  • Prospectus, syllabus in original with a certif (ied copy, thereof giving full details of the course of study, tuition fees payable etc.
  • Invitation letter for admission in original from overseas university/college indicating the date of commencement of the course, degree / diploma it leads to and the duration of the course.
  • Photocopy of Passport along with student Visa.
  • Confirmed one-way Air Ticket (Only in case of issue of currency/travelers’ cheques).
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