India has received $48 billion (nearly Rs 319332 crore) in remittances in the first nine months of the previous fiscal, the government informed Lok Sabha on Wednesday.

India, one of the top recipients of remittances globally, had received $66.26 billion (nearly Rs 440811.215 crore) in 2014-15 while the amount was $65.48 billion (nearly Rs 435622.07 crore) in 2013-14.

Replying to a question, Minister of State for External Affairs V K Singh also said, as per policy, investments made by NRIs under schedule 4 of FEMA (transfer or issue of security by persons residing outside India) Regulations is deemed to be a domestic investment on par with the investment made by residents.

He said existing policy allows special dispensation for NRI investments in construction and civil aviation sector.

To a separate question on whether over 300 Indian students are facing action by US government for staying in that country illegally, Singh said the American authorities have arrested 22 brokers, recruiters and employers who allegedly conspired with foreign nationals to fraudulently obtain visas through a ‘pay to stay’ New Jersey college namely University of Northern New Jersey (UNNJ).

"This 'college' was created and operated as part of the US Homeland Security Investigations' (HSI) enforcement action in this matter," he said.

He said, as per the US government, during investigation, it was found that 1,076 foreign nationals who previously entered the US on F1 non-immigration student visas to attend other accredited schools were found to have knowingly participated in the visa fraud by enrolling at UNNJ for the sole purpose of illegally obtaining or maintaining their non- immigrant status.

"306 of these students are Indian nationals. It is understood that the US authorities have terminated the enrolment of all these students.

"The US authorities have further informed that any student thus terminated, who chooses not to file for reinstatement or his or her reinstatement application denied, must depart the country immediately," Singh said.The minister said the government was in touch with the US government and has emphasised that due process must be followed and there should be no harassment and injustice to the students.