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of <h1>RBI Updates Rules for Vostro Accounts: Extends Float Period, Reduces Collateral Requirement Time for Non-Resident Exchange Houses.</h1> The Reserve Bank of India issued revised instructions for Authorized Dealer Category-I banks regarding the opening and maintenance of Rupee and Foreign Currency Vostro accounts for non-resident exchange houses. Key changes include extending the maximum float period for funds from three to five days and reducing the collateral requirement period from 30 to 10 days. This can be fulfilled via a cash deposit or a bank guarantee from a reputable international bank. Other instructions from the previous circular remain unchanged. These directions are issued under the Foreign Exchange Management Act, 1999.
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