TRADE SOLUTIONS

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Special Rupee Vostro Account (SRVA)

Reserve Bank of India vide its A.P. (DIR Series) Circular N.10, notification RBI/2022-2023-90 dated July 11, 2022 has permitted international trade settlement in Rupee (INR) through this account.

Purpose of introducing SRVA

To promote Rupee (INR) as an international currency and reduce the dependency on foreign currencies for cross border transactions. This can be achieved by invoicing all the exports and imports transactions in INR and its settlement between the trading partner countries to take place in INR.

Benefits of Special Rupee Vostro Account (SRVA)

• Settlement of trade transactions in INR
• Investment in Government Treasury Bills, Government securities is permitted in terms of extant guidelines.
• Balance in SRVA can be repatriated in freely convertible currency and/or currency of the beneficiary trading partner country depending on underlying transaction.