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News & Upcoming Events
Stay updated on latest news and upcoming events in trade
Latest Foreign Trade Policy Highlights
Ease of doing business, reduction in transaction cost, and e-initiatives
Export promotion initiatives
Districts as Export Hubs initiative
E-commerce Exports
Steps to Boost Manufacturing
Special one-time Amnesty Scheme for default in Export Obligations(EO)
Emphasis on streamlining SCOMET licensing procedure
EEFC Note
An EEFC (Exchange Earnersā Foreign Currency) Account is a non-interest bearing Current Account, maintained by an Authorised Dealer Category - I Bank, like ICICI Bank. It is a facility provided to the foreign exchange earners, including exporters, to credit 100 percent of their foreign exchange earnings to the account, so that the account holders do not have to convert foreign exchange into Rupees and vice versa, thereby minimising the transaction cost.
Eligibility
A person residing in India may open, hold and maintain an EEFC Account, subject to the terms and conditions, as may be specified by the RBI from time to time, including the FEMA Regulations 2000 governing the EEFC Account and the Foreign Exchange Management Act, 1999.
FEATURES AND BENEFITS | LIST OF CURRENCIES
Vostro INR Settlement
Over the past few months, there has been considerable interest in the market on facilitating cross-border trade in Indian Rupee. There are various media articles related to opening of Special Vostro accounts by competing banks.
Please find below the salient points on settlement of cross-border trade transactions in Indian Rupee and ICICI Bankās capability to handle the same:
Special Vostro mechanism is a new mechanism introduced by the RBI in July 2022, while Vostro mechanism is pre-existing mechanism.Settlement of cross border trade transactions in INR can be handled through both, Special Rupee Vostro and normal Rupee Vostro mechanism.
ICICI Bank has established processes in place to handle cross-border trade transactions in INR for the Bankās customers.
Trade transactions undertaken and settled in INR are subject to usual documentation as applicable for transactions in
Foreign currencies.Although, in the former, the movement of funds takes place through Vostro account holding
Bank instead of a Nostro correspondent for FC.
Currently, ICICI Bank has a network of 109 Vostro Accounts with Foreign Banks across 29 countries through which trade transactions can be executed in INR. List of such Vostro arrangements is attached for your easy reference. The 29 countries account for ~60% of Indiaās import and ~55% of Indiaās export corridors.
When Indian importer pays in INR and the Indian exporter receives in INR, the FX risk sides with the overseas counter party.
Exchange rate between the currencies of the two trading partner countries may be market determined.
Non-resident counterparty of Indian importer/exporter can hedge the currency with Indian banks to
reduce their FX risk for transactions settled through Rupee Vostro account.
Special Vostro mechanism is a new mechanism introduced by the RBI in July 2022, while Vostro mechanism is pre-existing mechanism.Settlement of cross border trade transactions in INR can be handled through both, Special Rupee Vostro and normal Rupee Vostro mechanism.
ICICI Bank has established processes in place to handle cross-border trade transactions in INR for the Bankās customers.
Trade transactions undertaken and settled in INR are subject to usual documentation as applicable for transactions in
Foreign currencies.Although, in the former, the movement of funds takes place through Vostro account holding
Bank instead of a Nostro correspondent for FC.
Currently, ICICI Bank has a network of 109 Vostro Accounts with Foreign Banks across 29 countries through which trade transactions can be executed in INR. List of such Vostro arrangements is attached for your easy reference. The 29 countries account for ~60% of Indiaās import and ~55% of Indiaās export corridors.
When Indian importer pays in INR and the Indian exporter receives in INR, the FX risk sides with the overseas counter party.
Exchange rate between the currencies of the two trading partner countries may be market determined.
Non-resident counterparty of Indian importer/exporter can hedge the currency with Indian banks to
reduce their FX risk for transactions settled through Rupee Vostro account.
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