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Jul 23, 2024

International Trade Settlement in Indian Rupees (INR) – Opening of Additional Current Account for Settlement of Trade Transactions

RBI, by way of a Circular dated July 11, 2022, has permitted Authorised Dealer Banks (‘AD Banks’) to open special rupee vostro accounts of correspondent banks of the partner trading country, which would facilitate the settlement of trade transactions with any country. Further, pursuant to the RBI Circular dated November 17, 2023, AD Banks maintaining special rupee vostro accounts were permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions. With an aim to provide greater operational flexibility, RBI has, pursuant to the Circular dated June 11, 2024, extended the utility of the additional special current account for settlement of both export as well as import transactions of its constituents.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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