Section 7(2) in The Foreign Exchange Management (Foreign Currency Accounts By A Person Resident In India) Regulations, 2000
(2)A branch outside India of a bank incorporated or constituted in India may open, hold and maintain with a bank outside India, a Foreign Currency Account for the purpose of carrying on normal banking business outside India, subject to compliance with the directions or guidelines issued from time to time by the Reserve Bank, and the regulatory authority in the country where the branch is located.
