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BFSI Chronicle, 11 Edition September2022
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which are allowed to settle transactions. With this compulsory permission from RBI before we open
circular we are opening up the settlement of trade an account in banks from countries where FATF
also in INR. This is the new thing that is happening has called for counter measures. Sri Vikas Babu said
we are just opening up the settlement side. Invoicing that the circular actually helps in the long run goal
is always there even in 2012 the government of India of internationalization of INR. At the end he pointed
in its circular said that we can have invoicing also out certain issues like how long can a foreign bank
and settlement in INR but RBI has not come out with invest in G-sec or T-Bills etc. which needs to be
circular they have common circular right now and addressed by RBI.
as already informed that this is the right timing for
that to happen. The banks of a partner country may CMA Dibbendu Roy, Addl. Director and
approach an AD bank in India for opening a special Dy. Secretary, BFSIB, gave the vote of thanks to the
Vostro account. The AD bank will seek approval from guest speakers for their exhaustive presentations
RBI with details of the arrangement so this is not a and Chairman of BFSIB, Shri Syamal Ghosh Ray,
completely opening it is being monitored by RBI in Consultant, BFSIB, Shri B.Rajkumar, Advisor of BFSIB
the initial phases. Possibly in future when things for their addresses.
are in order and we have got proper systems and
procedures in place it may be opened up completely
but as of now it is being regulated so we have to take

The Institute Of Cost Accountants Of India

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