Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular dated July 11, 2022, in terms of which an additional arrangement has been put in place 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 attention of AD Category-I banks is invited to Para 4.1 of the circular dated April 19, 2022, on the Opening of Current Accounts and CC/OD Accounts by Banks. In terms of this provision 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.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12568&Mode=0
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