Can a bank account for 2/3 years be opened

Dear Members,

There is an event to take place in Mumbai.It is reunion of class members of a School. The class members are in India and abroad . Many want to contribute monies towards the expenses of the event .Can a temporary account be opened say for 2/3 years , monies received from India and Abroad into it and expenses are met from the account balances. On completion of the event , the account will be closed .

How can this be done complying with all the rules and regulations covered by Income Tax and RBI . 
What entity needs to be created ? 

I seek the guidance of the learned members 

Rgds

S.G.Madkaiker