The two sides signed a memorandum of understanding (MoU) in this regard in Thimphu after President Pranab Mukherjee held talks with the Bhutanese King Jigme Khesar Namgyel Wangchuck.
According to the MoU, signed by foreign secretary Sujatha Singh and her Bhutanese counterpart Yeshey Dorji, the Nalanda University will be located at Rajgir in Bihar and will have the power to confer degrees, diplomas and certificates.
The MoU states that the objectives and functions of Nalanda University includes the establishment "of an international institution of learning that will bring together the brightest and the most dedicated students from all countries irrespective of gender, caste, creed, disability, ethnicity or socio-economic background."
"To build an Asian community of learning where the intellectual potential of every student can be developed to the fullest extent possible and to create an Asian community strengthening regional awareness," the MoU stated.
According to the MoU, India will provide appropriate visa to students, faculty and staff for travel to India to study or work in the university.
The funding for the establishment and operations of the University will be on a voluntary basis.
The MoU on the establishment of the Nalanda University came came into force on October 10, 2013 during the 8th East Asia Summit in Brunei.
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