He has been presented a citation naming him as among the foremost benefactors of Cornell University by Dean Susan Henry.
His generous endowment to his alma mater led to the creation of Tolani senior professorship in International Trade Policy in the Department of Applied Economics and Management.
Tolani College of Commerce has been granted a minority status on linguistic (Sindhi) basis, by the Government of Maharashtra and University of Mumbai.
Yet, students from the reserved categories and economically backward sections of the society are also encouraged to seek admission.
In addition to this, students from all strata of society, irrespective of caste, creed, community, religion and financial background are also given admission, based on merit.