RBI Eases Procedure for Opening Special Rupee Vostro Accounts
“RBI Eases Procedure for Opening Special Rupee Vostro Accounts”
International Trade Settlement in Indian Rupees (INR)
Attention of Authorised Dealer (AD) Category–I banks is invited to Para 10 of A.P. (DIR Series) Circular No. 10 dated July 11, 2022, on the captioned subject.
- Upon review, it has been decided that AD Category–I banks may open Special Rupee Vostro Accounts (SRVAs) of overseas correspondent banks without prior reference to the Reserve Bank for approval.
- This instruction comes into effect immediately. AD banks are advised to inform their constituents and concerned customers accordingly.
- These directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999), and are without prejudice to any permissions/approvals that may be required under other applicable laws.
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