Banks can open extra accounts for trade transactions in Indian Rupees. More flexibility for exports and imports.

The Reserve Bank of India (RBI) issued Circular No. 11 on June 11, 2024, allowing Scheduled Commercial Banks with AD Category-I license to open additional current accounts for trade transactions in Indian Rupees (INR). This expands on a previous circular from November 17, 2023, which permitted banks to open special current accounts exclusively for export transactions. The new provision now includes import transactions as well, offering operational flexibility to AD Category-I banks. Banks are instructed to inform their constituents about this update. .....

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