PXL/HO/Cir-068/2022-23                                                                            Date: 07.12.2022

Hyderabad

Dear Sir/Madam,

Sub: International Trade Settlement in Indian Rupees (INR)- Approvals to Indian AD banks to open SRVA of correspondent banks of partner trading country

With reference to the circular PXL/HO/Cir-033/2022-23, dt:12/07/2022,  Members are kindly aware, the Reserve Bank of India (RBI) with a view to promote the growth of global trade with emphasis on exports from India and to support the increasing interest in INR, issued a circular to Authorized Dealer Banks (AD Banks) for an additional arrangement for invoicing, payment, and settlement of exports/imports in INR. 

In continuation to the above, RBI has published FAQs with regard to the International Trade Settlement in Indian Rupees (INR) and the Dept of Financial Services and the Dept of Commerce is regularly interacting with the Banks,  Export Promotion Councils and Trade organizations to discuss progress related to operationalization of the same.  

Members may please find attached the RBI approvals conveyed to Indian Authorized Dealer (AD) banks to open SRVA (Special Rupee Vostro Accounts) of correspondent banks as on 5th Dec 2022. Members are advised to approach the AD banks to make use of this mechanism of International Trade Settlement in Indian Rupees (INR). Any constraints being faced by the members in operationalization of this mechanism, may please be shared with us at dd.smk@pharmexcil.com.

With Regards,

Udaya Bhaskar

Director General

ENCL: Annexure