SC: POCSO Guilt Presumption Not Absolute, Acquits Accused  ||  Supreme Court: Promotion Cannot Be Claimed as a Vested Right under Repealed Rules  ||  Supreme Court: Promotion Cannot Be Claimed as a Vested Right under Repealed Rules  ||  SC: Unexplained 5-Day Sample Custody Gap Breached S.52A, Acquits 2 after 20 Years  ||  P&H High Court: Illegal Search Alone Does Not Justify Quashing of Complaint under PNDT Act  ||  Bom HC: Creating WhatsApp Group Without Employer's Permission Not Ground for Compulsory Retirement  ||  Madras HC: Lack of Son’s Moral Support Alone Cannot Sustain Father’s Maintenance Claim under CrPC  ||  Kerala HC: University Professor doesn't Occupy 'Public Office', Quo Warranto Not Maintainable  ||  Bombay HC Allows Cutting of 1,237 Mangroves for Connector Bridge in Mumbai’s Western Suburbs  ||  Calcutta HC Orders Return of 3-Year-Old to Adoptive Couple, he wasn't Abandoned    

International Trade Settlement in Indian Rupees (INR) - Opening of additional Current Account for exports proceeds- (Reserve Bank of India) (17 Nov 2023)

MANU/RFEM/0004/2023

Banking

1. Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 10 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.

2. Further, attention of AD Category-I banks is invited to Para 4.1 of circular DOR.CRE.REC.23/21.08.008/2022-23 dated April 19, 2022 on 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 above are permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions.

Tags : INTERNATIONAL TRADE SETTLEMENT   ADDITIONAL CURRENT ACCOUNT  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved