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Informative

International Trade Settlement in Indian Rupees (INR) – Opening of additional Current Account for settlement of trade transactions

Update / Judgement Date

10 Jun 2024

Source

RBI

Author

Team — WCP Legal Desk

Reading Time

1 min read

RBI

Attention AD Category – I banks: Refer to FED Circular No. 08 (November 17, 2023) and A.P. (DIR Series) Circular No. 10 (July 11, 2022) on International Trade Settlement in INR. Banks maintaining Special Rupee Vostro Accounts were allowed to open an additional special current account for export settlements. \r


Upon review, this facility is now extended to include both export and import transaction settlements. Please inform your constituents of this update.