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Now import-export payment can be done in rupees: RBI

Tags: Economics/Business

Taking a big step, Reserve Bank of India (RBI) on 11 July 2022 said that now the payment for import and export can be done in rupees. For this a new mechanism has been introduced.

  • According to the RBI, it is setting up a mechanism for international business settlement in rupees, for which banks will have to take approval in advance.

  • The RBI said in a press release that the order comes into force with immediate effect and the mechanism has been designed to "promote the growth of global trade with emphasis on exports".

  • The rupee depreciated 22 paise to a new lifetime low of 79.48 against the US dollar on July 11, tracking a strong greenback overseas and weakening domestic equities.

  • The broad framework for cross-border trade transactions in Indian Rupees under the Foreign Exchange Management Act, 1999 (FEMA) is given below:

Invoicing Process:

  • Under this arrangement all exports and imports can be denominated and invoiced in rupees.

Exchange Rate:

  • Exchange rates between the currencies of two trading partner countries may be market determined.


  • The settlement of business transactions under this arrangement shall be in Indian Rupees as per the procedure laid down in Para 3 of this circular.

  • Indian importers importing through this mechanism will have to make payment in Indian Rupees, which will be credited to the Special Vostro Account of the Partner Country's Liaison Bank against the invoice for the supply of goods or services from the overseas seller/supplier.

  • Through this mechanism, Indian exporters exporting goods and services will be paid export proceeds in Indian Rupees from the balance in the designated special Vostro account of the correspondent bank of the participating country.


  • The imports/exports so decided upon shall be subject to the normal documentation and reporting requirements.

  • Decisions on Letters of Credit (LCs) and other business-related documents may be made mutually between banks in the associate trading countries under the overall framework of Customs and Practice for Documentary Credit (UCPDC) and INCOTERM.

  • The exchange of messages in a secure and efficient manner can be mutually agreed upon between the banks of the participating countries.

Bank guarantee:

  • Issuance of bank guarantee is permitted for business transactions done through this arrangement, subject to the provisions of FEMA Notification No. 8 as amended from time to time and the provisions of the Master Direction on Guarantees and Co-acceptance.

Approval Process:

  • A participating country bank can approach an AD bank in India for opening a special INR Vostro account. The AD bank will seek approval from the Reserve Bank along with the details of the arrangement.

  • The AD Bank maintaining the Special Vostro Account shall ensure that the correspondence in the Updated FATF Public Statement on High Risk and Non-Cooperative Jurisdictions is not from any country or jurisdiction to which the FATF has asked for counter measures.

Advance against export:

  • Indian exporters can receive advance payment in Indian Rupees against exports from foreign importers.

  • Before allowing any such receipt of advance payment for exports, Indian banks shall ensure that the funds available in these accounts are utilized for already executed export orders / payment obligations arising out of export payments in the pipeline.

  • In order to ensure that the advance is issued only in accordance with the instructions of the foreign importer, Indian banks may maintain a special Vostro account of their Correspondence Bank, in addition to the usual due diligence measures, before issuing the advance with the advice received. The bank will verify the claim of the exporter.

Vostro and Nostro Accounts:

  • This account is between two banks, out of which one bank will be Indian and the other bank will be abroad. If Indian bank deposits money in foreign bank account, then Indian bank will call that account as Nostro account while foreign bank deposits money in Indian bank account then Indian bank will call it Vostro account.

  • In this way, the nostro account we have abroad is not a nostro but a vostro account for them. And what we have here with their Vostro account is their Nostro account for them.

  • That is, in Nostro account we have to take money from foreign bank and in Vostro account we have to give money to foreign bank

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