Whether prior approval is required to open, maintain and hold foreign currency account with a bank outside India for making remittances under the LRS?

Prior approval not required to open or hold foreign currency accounts abroad under the Liberalised Remittance Scheme.

Whether prior approval is required to open, maintain and hold a foreign currency account with a bank outside India for remittances under the Liberalised Remittance Scheme: no prior approval is required; individuals may open, hold and maintain such accounts abroad for permitted remittances under the Scheme without advance authorization.