RBI Permits AD Cat-I Banks Maintaining Special Rupee Vostro A/c to Open Special Current A/c Exclusively for Export Settlement
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- Last Updated on 18 November, 2023
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RBI/2023-2024/86 FED Circular No. 08 dated 17th Nov, 2023
Earlier, the RBI vide circular no. 10 dated July 11, 2022 put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR through Special Rupee Vostro Accounts of the correspondent bank/s of the partner trading country maintained with AD Category-I banks in India.
Further, the RBI has also issued a consolidated circular on Consolidated Circular on Opening of Current Accounts and CC/OD Accounts by Banks vide a consolidated circular dated 19/04/2022. In furtherance of the same and in order to provide greater operational flexibility to the exporters, AD Category-I banks maintaining Special Rupee Vostro Account as per the provisions of the Reserve Bank circular dated July 11, 2022 referred to above are permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions.
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