Section 7(5) in The Foreign Exchange Management (Foreign Currency Accounts By A Person Resident In India) Regulations, 2000
(5)A person resident in India, being an exporter who has undertaken a construction contract or a turnkey project outside India or who is exporting services or engineering goods from India on deferred payment terms may open, hold and maintain a [Foreign Currency Account with a bank outside or in India] [Substituted by G.S.R. 398(E), dated 20.3.2003 (w.e.f. 14.5.2003).]:Provided that--(a)approval as required under the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 has been obtained for undertaking the contract/project/export of goods or services, and(b)the terms and conditions stipulated in the letter of approval have been duly complied with.
