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India's Central Bank, RBI Announces International Trade Settlement in Indian Rupees - Vimarsana News

India's Central Bank, RBI Announces International Trade Settlement in Indian Rupees

Published: July 11, 2022

Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro account of the correspondent bank.

Source: sentinelassam.com
Related Topics:
Foreign Exchange ManagementForeign Exchange Management Deposit RegulationsCentral Office At MumbaiForeign Exchange Department Of Reserve BankExchange RateIssue Of BankForeign Exchange DepartmentReserve BankCentral OfficeForeign Exchange Management ActRupee VostroSpecial Rupee Vostro AccountsSpecial VostroUniform CustomsDocumentary CreditsRupee PaymentIndian BanksMaster DirectionRupee Payment MechanismBank GuaranteeSurplus BalanceSpecial Vostro AccountsGovernment Treasury BillsVostro AccountHigh Risk
RBI forms arrangement in settling international trade payments in rupees - Vimarsana News

RBI forms arrangement in settling international trade payments in rupees

Published: July 11, 2022

Indian exporters shall be paid the export proceeds in rupees from the balances in the designated Special Vostro account of the correspondent bank of the partner country, RBI stated.

Source: businesstoday.in
Related Topics:
Foreign Exchange Department Of Reserve BankIssue Of BankReserve BankForeign Exchange DepartmentSpecial VostroUniform CustomsDocumentary CreditsRupee PaymentIndian BanksMaster DirectionRupee Payment MechanismBank GuaranteeSurplus BalanceSpecial Vostro AccountsGovernment Treasury BillsVostro AccountHigh RiskNon Co Operative Jurisdictions