Hi Raveesh,
To achieve this you'll have to use a data connection based on a schema and bind the form fields accordingly. You can have a data connection based on a schema and one or more WSDL-based data connections. The import/export binding is separate from the data binding. The user would then need to make sure the form is saved locally (Reader will remind the user).
An other option would be to read the data using a web service when the form is opened. Web services can be called via scripting (i,.e,. without user interaction).
Regards,
Juergen