Supreme Court: Borrowers Retain Redemption Rights if Balance is Paid After Auction Deadline  ||  Supreme Court: Non-Confirmation of Seizure under Section 37A Impacts Adjudication Proceedings  ||  SC: Blacklisting After Contract Termination is Not Automatic and Needs Independent Review  ||  Grand Venice Fraud Case: Supreme Court Cancels Bail of Satinder Singh Bhasin  ||  SC: Senior Employee Cannot Claim Same Lesser Penalty As Subordinate; Bank Manager's Dismissal Upheld  ||  Madras HC: Governor Must Follow Cabinet's Advice on Remission Decisions, Regardless of Personal View  ||  Kerala High Court: Entrepreneurs Must Be Protected From Baseless Protests to Boost Industrial Growth  ||  J&K&L High Court: Second FIR Valid if it Reveals a Broader Conspiracy; 'Test of Sameness' is Key  ||  Supreme Court: Expecting a Minor to Respond to a Public Court Notice is ‘Perverse’  ||  SC: Order 23 Rule 1 CPC Applies to S. 11 Arbitration Act, Barring Fresh Arbiration After Abandonment    

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