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of <h1>Authorized Dealer Category-I Banks Can Open Special Rupee Vostro Accounts Without RBI Approval Under FEMA 1999</h1> Authorised Dealer Category-I banks are permitted to open Special Rupee Vostro Accounts for overseas correspondent banks without prior approval from the Reserve Bank of India, effective immediately. This amendment to the earlier directive facilitates international trade settlements in Indian Rupees. Banks must inform their clients and stakeholders accordingly. These instructions are issued under relevant provisions of the Foreign Exchange Management Act, 1999, and do not override any other legal permissions or approvals that may be required.
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