Overview:
The RBI has now permitted authorised dealer category – I banks that are maintaining Special Rupee Vostro Account to open an additional special current account for its constituents, for settlement of import transactions. Previously, such special current account was permitted solely for settling export transactions.
Key Takeaways:
Providing additional avenues for INR settlement gives businesses more flexibility in managing their import payments.
For further details, please see:
Reserve Bank of India – Notifications (rbi.org.in)
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