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ARTICLE · 23 SEPTEMBER 2024

Opening Of Additional Current Account For Settlement Of Import Transactions

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RBI, vide circular dated June 11, 2024, issued a new directive with a view to further enhance operational flexibility by permitting AD Category-I banks, maintaining Special Rupee Vostro Account...

IndiaStrategy
Dheeraj Nair
Dheeraj Nair
Divyam Agarwal
Divyam Agarwal
Gerald Manoharan
Gerald Manoharan
Madhurima Mukherjee
Madhurima Mukherjee
Probir Roy Chowdhury
Probir Roy Chowdhury
Sajai Singh
Sajai Singh
Shivpriya Nanda
Shivpriya Nanda
Soumitra Majumdar
Soumitra Majumdar
Tony Verghese
Tony Verghese
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RBI, vide circular dated June 11, 2024, issued a new directive with a view to further enhance operational flexibility by permitting AD Category-I banks, maintaining Special Rupee Vostro Account, to open an additional special current account for its constituents for settlement of their import transactions in addition to their export transactions. Prior to this circular, AD Category-I banks were permitted to open an additional special current account for its constituents exclusively for settlement of export transactions.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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