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of <h1>Authorized dealer banks can open Special Rupee Vostro accounts for cross-border INR trade with central bank approval</h1> Authorised dealer banks may, with prior central bank approval, facilitate cross-border trade settled in Indian rupees by opening Special Rupee Vostro accounts for correspondent banks of partner countries. Exports and imports may be invoiced in INR, exchange rates may be market-determined, and settlement shall occur via these Special Vostro accounts subject to standard documentation, reporting and UCP/DC rules. Advance export receipts, set-offs of receivables and payables, and issuance of bank guarantees are permitted under prescribed conditions; surplus balances may be used for permitted capital/current transactions and certain government securities. Correspondent banks must not be from jurisdictions subject to FATF counter-measures. Provisions take effect immediately under FEMA.
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