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of <h1>Reserve Bank approval required under Regulation 9 FEMA for overseas direct investment exceeding eligibility criteria</h1> Regulation 9 of FEMA governs Reserve Bank approval for overseas direct investment by parties not meeting standard eligibility criteria. Applications must be submitted in prescribed Form ODI for joint ventures or wholly owned subsidiaries abroad. Investment applications exceeding USD 5 million require valuation by Category I Merchant Bankers or registered Investment Bankers, while smaller investments need Chartered Accountant or Certified Public Accountant valuation. The Reserve Bank considers factors including project viability, contribution to external trade, financial position and track record of applicant parties, and relevant expertise in the proposed business activity when evaluating applications.
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