Section 9 in The Foreign Exchange Management (Deposit) Regulations, 2000
9. Acceptance of deposits by authorised dealer with the prior approval of Reserve Bank. - With the prior approval of Reserve Bank, an authorised dealer may open an account expressed in foreign currency in the name of a person resident outside India for the purpose of adjustment of value of goods imported into India against the value of goods exported from India in terms of an arrangement voluntarily entered into by such person with a person resident in India.
