Question
The RBI has allowed international trade settlement in
rupees for which AD banks need to open ____________, in terms of Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016.Solution
In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, RBI put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR. Before putting in place this mechanism, AD banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India. In terms of Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, AD banks in India have been permitted to open Special Rupee Vostro Accounts. Accordingly, for settlement of trade transactions with any country, AD bank in India may open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country. The settlement through Indian Rupees (INR) is an additional arrangement to the existing system that uses freely convertible currencies and will work as a complimentary system. This will reduce dependence on hard (freely convertible) currency. Banks will need to take prior approval from RBI before opening a Special Rupee vostro account, unlike Rupee Vostro account.
Which of the following sentences contains a metaphor?
Select the most appropriate option to substitute the underlined segment in the given sentence. If there is no need to substitute it, select ‘No substi...
As forests are cleared and fragmented, reduced canopy cover and increased artificial lighting may force animals to adapt or facing challenges in securin...
I. Students should get used to one of the formats as it will help them during their research.
II. Would you mind doing the chores today as I d...
A new paradim is needed, in which bulk waste generators take the lead and city managers show demonstrable change in the way it is processed.
...Global commodities have witnessed a bull run over the last 12 months, revival hopes of the beginning of the next super cycle in commodity prices.
...In each of the questions given below a sentence is given with three words in bold. Choose the option which gives the correct sequence of these words to ...
In each sentence, some portion is in bold, which may or may not need improvement. Choose the correct replacement for that portion that makes the senten...
P referably, the ‘Holocaust’ law has strike a major convention with international reverberations.
...I. They had a party to celebrate Tom’s birthday.
II. He is a driver who drives slower.
III. There is some chairs and a table.
Relevant for Exams:
