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of <h1>Indian residents must obtain RBI approval before acquiring foreign company qualification shares beyond Regulation 24 limits</h1> Indian residents seeking to acquire qualification shares in foreign companies beyond prescribed limits under Regulation 24 must obtain prior approval from the Reserve Bank. This provision under FEMA regulations governs foreign exchange management for transfer or issue of foreign securities. The requirement applies specifically to individuals who are Indian residents and wish to exceed the statutory limits for acquiring qualification shares in overseas companies. Prior regulatory approval is mandatory before such transactions can proceed.
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