Section 5(4) in The Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015
(4)Resident individuals may open, maintain and hold foreign currency accounts with a bank outside India for making remittances under the Liberalized Remittance Scheme (hereinafter referred to as the "Scheme"). The account may be used for putting though all transactions connected with or arising from remittances eligible under this Scheme.
