AD Cat-I Banks May Open Additional Special Current Accounts for Its Constituents to Settle Export & Import Transactions

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By Taxmann
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Last Updated on 13 June, 2024

Circular No. RBI/2024-2025/43 FED Circular No. 11, Dated 11.06.2024

Earlier, RBI, vide circular dated 17.11.2023, permitted AD Category-I banks maintaining a Special Rupee Vostro Account on International Trade Settlement in Indian Rupees (INR) to open an additional special current account for their constituents exclusively for settlement of export transactions. Now, the facility of opening an additional special current account can be extended to settle their export and import transactions.

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