The Directorate General of Foreign Trade vide notification dated 16 September, 2022 has allowed traders undertaking import and export through the special rupee vostro accounts opened by Authorized dealer banks as per RBI circular dated 11 July 2021, invoicing, payment and settlement in INR.
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 of the partner country, against the invoices for the supply of goods or services from the overseas seller /supplier.
Indian exporters, undertaking exports of goods and services through this mechanism, shall be paid the export proceeds in INR from the balances in the designated Special Vostro account of the correspondent bank of the partner country.
