Section 3 in The Foreign Exchange Management (Deposit) Regulations, 2000
3. Restrictions on deposits between a person resident in India and a person resident outside India. - Save as otherwise provided in the Act or regulations or in rules, directions and orders made or issued under the Act, no person resident in India shall accept any deposit from, or make any deposit with, a person resident outside India:
Provided that the Reserve Bank may, on an application made to it and on being satisfied that it is necessary so to do, allow a person resident in India to accept or make deposit from or with a person resident outside India.
