Q 1: How is the Special Rupee Vostro Account (SRVA) different from the already existing Rupee Vostro Account provided for under Foreign Exchange Management (Deposit) Regulations, 2016?Īs per RBI, the settlement of International trade through Indian Rupees (INR) is an additional arrangement to the existing system of settlement. RBI's FAQs About Special Rupee Vostro Account Opening of several vostro accounts shows that banks are seeing the potential for having a rupee trade, he added. They are also interested," Barthwal said, as per the PTI report. "We have discussions with some of the African and Gulf countries.
Last month, Commerce Secretary Sunil Barthwal had said: "Initially, we were focusing on Russia because they were facing sanctions but now we have been in talks with several other countries".
The RBI had said, “Indian importers undertaking imports through this mechanism shall make payment in INR (Indian Rupee), which shall be credited into the special vostro account of the correspondent bank of the partner country, against the invoices for the supply of goods or services from the overseas seller/supplier.” In July last year, India’s central bank, the Reserve Bank of India (RBI) issued detailed guidelines on cross-border trade transactions in the Indian rupee. Israel 8.Sri Lankaīesides these countries, India's neighbours Bangladesh and Mauritius too has expressed interest in opening the special vostro account. Indiatimes 1.Russia 2.Germany 3.Mauritius 4.Singapore 5.
List Of Countries With Special Vostro Accounts
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