Operations of Rupee Vostro Accounts of Non-resident Exchange Houses
The accounts should not be used for cross-border outward remittances from India.
Permitted Transactions
Donations/contributions to charitable institutions should not be routed through the Exchange Houses.
Note: No cash disbursement of remittances received is allowed under Rupee/Foreign Currency Drawing Arrangements.
Rupee Drawing Arrangement Procedures and Collateral Cover
Designated Depository Agency (DDA) Procedure: The DDA should ensure that the Exchange House’s Rupee Vostro account is debited within five days of receipt of the remittance.
The Exchange House should maintain a collateral cover of at least three times the average daily remittance value.
Chat with the Master Circular: