Indian students studying abroad will henceforth be treated as NRIs
under the Foreign Exchange Management Act. They will be eligible for
receiving remittances from India up to $1,00,000 from close relatives
from India on self-declaration towards maintenance, which could
include remittances towards their studies also, and up to $1 million
out of sale proceeds/balances in their account maintained with an
authorised dealer in India.

They will also be eligible for all other facilities available for
NRIs under the Foreign Exchange Management Act (FEMA) and educational
and other loans taken as residents in India by them would be allowed
to continue.

For more such information:
http;//www.banknetindia.com/books/handbook.htm