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of <h1>Central Bank Updates Rules for Banks on Rupee & Foreign Currency Vostro Accounts; Compliance with FEMA & AML Required.</h1> The circular issued by the central bank outlines revised instructions for authorized banks to open and maintain Rupee and Foreign Currency Vostro Accounts for non-resident exchange houses. It mandates prior approval and adherence to specified guidelines, including operational procedures, permitted transactions, and internal controls. The document emphasizes compliance with the Foreign Exchange Management Act, 1999, and anti-money laundering regulations. It also details the required documentation and reporting for maintaining these accounts, ensuring transparency and regulatory compliance. Banks are instructed to conduct due diligence and maintain adequate collateral to mitigate credit and operational risks.
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