See Regulation 6 - Procedure for Application for Approval for Hedging of Commodity Price Risk

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....k 1. A person resident in India, engaged in export-import trade 2[or as permitted by the Reserve Bank], who seeks to hedge price risk in respect of any commodity including Gold, 1[***] may submit an application to the International Banking Division of an authorised dealer giving the following details. (i) A brief description of the hedging strategy proposed; namely:- (a) description of busine....

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....ny other relevant information. 3[2. Authorized dealer, after ensuring that the application is supported by documents indicated in paragraph 1, as may be relevant, may forward the application with its recommendations to the Reserve Bank of India, where applicable. In all other cases, the application may be forwarded by the company concerned to an authorized dealer bank authorized to grant permissi....