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of <h1>Indian residents need RBI permission to buy or transfer foreign property under FEMA Regulation 3</h1> FEMA Regulation 3 under the Foreign Exchange Management Act prohibits residents of India from acquiring or transferring immovable property situated outside India without obtaining general or special permission from the Reserve Bank of India. This restriction applies unless specifically exempted under the Act or related regulations. The provision establishes a regulatory framework requiring prior approval for cross-border real estate transactions involving Indian residents.
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