How is the Special Rupee Vostro Account (SRVA) different from the already existing Rupee Vostro Account provided for under Foreign Exchange Management (Deposit) Regulations, 2016?
International Trade Settlement in Indian Rupees (INR) - As on Dec 01, 2022
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Special Rupee Vostro Account prior approval requirement distinguishes it from existing rupee vostro settlement mechanism for international trade. Special Rupee Vostro Account (SRVA) supplements existing Rupee Vostro Accounts under the FEMA (Deposit) Regulations by providing an additional arrangement ... Summary
Special Rupee Vostro Account prior approval requirement distinguishes it from existing rupee vostro settlement mechanism for international trade.
Special Rupee Vostro Account (SRVA) supplements existing Rupee Vostro Accounts under the FEMA (Deposit) Regulations by providing an additional arrangement for international trade settlement in Indian Rupees. The key operative distinction is that SRVA requires prior approval before opening, unlike the existing Rupee Vostro Account mechanism.
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