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of <h1>Foreign banks can hold multiple Special Rupee Vostro Accounts with different AD banks under FEMA guidelines from December 2022.</h1> A foreign bank, acting as a correspondent bank, is permitted to maintain more than one Special Rupee Vostro Account with different Authorized Dealer (AD) banks. This is applicable under the framework for International Trade Settlement in Indian Rupees (INR) as per the guidelines effective December 1, 2022, under the Foreign Exchange Management Act (FEMA).
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