Date: 20/11/2023

Special current account for export proceeds allowed: RBI

To provide greater operational flexibility to exporters, the Reserve Bank of India (RBI) has permitted banks to open additional current accounts for export proceeds besides  the special rupee vostro accounts, to provide greater operational flexibility to exporters. Banks maintaining special rupee vostro accounts, as per the provisions of the RBI Circular dated July 11, 2022, are permitted to open an additional special current account for their exporter constituents exclusively for settlement of their export transactions, RBI said in a notification. 
To promote the growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment and settlement of exports/imports in INR, said the RBI, as per a report.
Source: Exim News Service: Mumbai, Nov. 19