Question
In order to settle an international trade in Indian
rupee, an AD bank needs to open ______________ of correspondent bank/s of the partner trading country, with prior approval of the RBI.Solution
With effect from July 11, 2022, RBI put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR, 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. For putting in place this mechanism, AD banks shall require prior approval from the RBI. In this context, AD bank in India may open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country.
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