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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →A Special Rupee Vostro Account (SRVA) gives an approved overseas correspondent bank a rupee account with an Indian authorised dealer (AD) Category-I bank. The arrangement lets an Indian importer pay rupees for an eligible import and an Indian exporter receive rupees from the correspondent bank’s balance. It does not remove normal FEMA documentation, customs evidence, bank due diligence or export-import reporting.
The Indian AD Category-I bank is the practical control point. It confirms that the SRVA arrangement is active, checks the underlying trade and counterparties, processes credits and debits, reports the transaction and tells you which EDPMS, IDPMS, FETERS, CIMS or successor workflow applies. Build a complete commercial file before asking the bank to settle or close the entry.
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What an SRVA transaction changes—and what it does not
Under RBI A.P. (DIR Series) Circular No. 10 of 11 July 2022, Indian importers using the mechanism pay INR into the designated Special Vostro account of the partner-country correspondent bank against invoices for goods or services from the overseas supplier. Indian exporters are paid INR from the balance in that account. The currency used for settlement is therefore rupees, while the trade remains an ordinary export or import for FEMA purposes.
RBI’s circular states that exports and imports settled this way remain subject to “usual documentation and reporting requirements.” The account changes the settlement rail, not the underlying obligation to prove that goods or services were contracted, shipped or received, valued, paid for and reconciled.
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- The Indian AD Category-I bank maintains or opens the SRVA relationship and performs customer, counterparty and transaction checks.
- The overseas correspondent bank holds the designated rupee balance and provides payment or credit advice.
- The importer’s INR payment must be tied to the supplier’s invoice and the import file.
- The exporter’s INR receipt must be tied to the export declaration, shipment evidence and proceeds record.
- Any advance, set-off, surplus-balance use or special exporter account has additional conditions.
Who must approve and report the transaction
The Indian AD Category-I bank
Start with the Indian bank, not with the overseas supplier. Confirm in writing that the bank is an AD Category-I bank and that the named correspondent bank, country route and SRVA are approved and operational. The bank will apply KYC, sanctions and FATF-related screening, identify beneficial owners, review the underlying contract and decide whether the proposed payment structure is acceptable.
RBI’s FAQ, updated 16 April 2026, places responsibility for reporting transactions taking place in the correspondent bank’s SRVA on the AD bank in India. That makes the bank the source of the applicable reporting code, submission route, deadline and closure evidence for your transaction date and type.
The overseas correspondent bank
The correspondent bank receives the importer’s rupees into the designated SRVA and uses the balance to pay Indian exporters. Its advice, payment message and balance information are key evidence for the Indian bank. Ask how the correspondent bank identifies the invoice, value date, exchange-rate conversion and charges so your ledger can match the SRVA entry.
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Checklist before signing the contract
- Validate the route. Obtain the Indian AD bank’s confirmation that the correspondent-bank SRVA is active for the partner country and for your proposed goods or services.
- Agree the commercial terms. Record INR as the invoice currency where the parties use the SRVA route, the method for converting between partner currencies, Incoterms, payment timing and responsibility for bank charges.
- Choose the documentary structure. Decide whether the transaction will use a letter of credit (LC), documentary collection or another bank-agreed set of documents. RBI allows partner-country banks to settle LC and other trade-document terms mutually under applicable UCPDC and Incoterms.
- Complete onboarding. Give the bank KYC, beneficial-owner, counterparty, sanctions, FATF and underlying-trade information before shipment or payment.
- Define the reconciliation key. Agree which invoice number, purchase-order number, shipping-bill or bill-of-entry reference and payment message identifier will appear in bank instructions.
- Ask for the reporting map. Have the bank identify whether EDPMS, IDPMS, FETERS, CIMS or a successor workflow applies, and what evidence it will issue when the entry is matched or closed.
Export documentation: the file your bank will need
Keep one export file for each contract or invoice set. The bank may request additional documents based on the goods, destination, payment structure or customer risk.
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- Contract or purchase order: the signed commercial terms, parties, product or service description, quantity, price, delivery terms and payment schedule.
- Commercial invoice: show the agreed currency and clearly identify the SRVA payment route. Where the parties use SRVA settlement, the invoice is denominated in INR.
- Shipping bill or export declaration: retain the customs filing and its reference exactly as submitted.
- Transport and delivery evidence: bill of lading, airway bill or other transport document, plus delivery or receipt evidence when available.
- Packing list and supporting certificates: certificate of origin, inspection certificate, insurance document or sector-specific certificate where applicable.
- LC or bank-agreed documents: preserve the LC, collection instruction, presentation record and discrepancies or waivers if an LC or collection is used.
- SRVA credit evidence: correspondent-bank credit advice, Indian bank advice, payment message and the date and amount credited.
- EDPMS evidence: the EDPMS reference, amendments and the bank’s matching or closure confirmation.
Export advances
For an INR advance, add the export order, correspondent-bank advice and the bank’s due-diligence record. RBI permits INR advances, but the available SRVA funds must first be used for obligations from executed export orders or export payments in the pipeline. The bank must verify the exporter’s claim against the correspondent-bank advice. After shipment, retain the export declaration and proceeds evidence that demonstrate how the advance was applied.
Import documentation: prove both payment and receipt
- Purchase contract or purchase order: include the supplier, goods or services, value, delivery terms and agreed INR payment mechanics.
- Supplier invoice: match the invoice number, currency, quantity and value to the INR payment instruction.
- Bill of entry and customs evidence: retain the filed bill of entry, assessment and related customs documents.
- Transport, packing and origin documents: keep the bill of lading or airway bill, packing list, certificate of origin and inspection or insurance documents where applicable.
- LC or other bank documents: retain the LC, collection documents, presentation record and any agreed amendment.
- SRVA debit evidence: obtain proof that INR was debited to the designated SRVA, together with the bank payment message and value date.
- IDPMS evidence: record the IDPMS reference and evidence that the import obligation was matched or closed.
An invoice alone is not proof of import completion. The bank needs the customs and transport trail that connects the supplier’s invoice to the goods received and the SRVA debit.
How FEMA reporting and closure work
1. Get the bank’s workflow for the transaction date
Reporting systems and codes can change. Ask the AD bank which EDPMS, IDPMS, FETERS, CIMS or successor workflow applies to the specific transaction type and date. Do not assume that an SRVA payment is reported in a separate system merely because the funds move through a Vostro account.
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2. Report exports and imports separately on a gross basis
RBI guidance requires applicable export and import transactions to be reported separately on a gross basis. A set-off or net amount in your accounting system does not replace the underlying export and import records. Preserve the shipping-bill, bill-of-entry and invoice details used when obligations are settled or set off.
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3. Reconcile the bank entry to the commercial file
Prepare a reconciliation that ties together:
- invoice number, date, currency and gross value;
- shipping-bill or bill-of-entry number and shipment or import date;
- SRVA credit or debit amount and value date;
- bank charges and any exchange-rate conversion between partner currencies; and
- the EDPMS or IDPMS reference and closure status.
4. Record exceptions instead of overwriting them
Keep the bank’s approval, explanation or amendment for short shipment, discount, refund, write-off, third-party payment, set-off or other variance. A changed invoice total without an audit trail can prevent the bank from matching the customs record and SRVA message.
5. Obtain closure evidence
Request written or electronic confirmation from the AD bank when the export or import entry is matched or closed. Store the confirmation with the invoice, customs record and SRVA advice so a later review can follow the transaction from contract to settlement.
Special situations that need extra controls
Set-off between exports and imports
Export receivables and import payables for the same overseas buyer and supplier may be set off only under the conditions in the applicable FEMA Master Direction. Maintain both complete transaction files. Obtain the AD bank’s set-off approval or written explanation, and ensure the export and import are still reported separately on a gross basis.
Use of surplus SRVA balances
Permitted uses can include projects and investments, management of export or import advance flows, and investment in government Treasury bills or securities within FEMA rules and prescribed limits. Do not move or invest a surplus merely because the account has a positive balance. Ask the AD bank to confirm the permitted purpose, limit, approval and reporting treatment for the proposed use.
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Exporter special current account
From 17 November 2023, an AD Category-I bank maintaining an SRVA may open an additional special current account for an exporter constituent exclusively for export settlement. The account is not a substitute for the export file or EDPMS reporting. Obtain the bank’s account-opening conditions and keep the account’s credits linked to the relevant export contracts and proceeds.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.SRVA versus ordinary hard-currency settlement: decisions to make
Choose the route transaction by transaction. Compare the following before committing:
| Decision point | Questions for an SRVA transaction | Questions for conventional foreign-currency settlement |
|---|---|---|
| Currency exposure and conversion cost | How is INR converted to the partner currency, who bears the conversion spread, and how is the rate documented? | Which currency is paid, and where does conversion occur? |
| Bank availability | Is the named Indian AD bank and correspondent SRVA active for this country and trade? | Can both banks process the proposed foreign-currency route? |
| Documentary credit | What LC, collection or other documents do the partner banks mutually require under UCPDC and Incoterms? | What documents and currency conditions does the chosen bank require? |
| Reporting workload | How will SRVA debit or credit messages be matched to EDPMS or IDPMS and customs references? | How will the foreign-currency payment be matched to the same export or import record? |
| Advances | Can available SRVA funds be tied to executed export orders or pipeline export payments, and what due diligence is required? | What advance-payment controls apply under the bank’s ordinary FEMA process? |
| Surplus balances | Which project, investment, advance-flow or government-security uses are permitted within FEMA limits? | How will an unutilised foreign-currency balance be handled? |
| Counterparty eligibility | Is the partner country, correspondent bank and counterparty approved for the SRVA route? | Is the counterparty acceptable for the conventional payment route? |
Common failure points and fixes
The bank cannot match the payment
Usually the invoice number, value date, amount or customs reference differs between the payment message and the EDPMS or IDPMS record. Ask the bank for the exact field that failed, then submit an amendment or clarification rather than creating a second payment record.
The commercial file is incomplete
Missing transport evidence, packing lists, certificates or LC documents can leave the bank unable to establish that the invoice relates to the declared shipment. Request the missing document from the carrier, supplier or logistics provider and preserve the request and response.
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The INR amount differs from the invoice
Separate bank charges, conversion differences, discounts and short shipments in the reconciliation. Obtain the bank’s calculation and record the approved adjustment, refund, write-off or amendment with the original invoice.
An advance remains unapplied
Do not treat an advance as permanently settled. Give the bank the export order, advice and due-diligence evidence, then provide shipment and proceeds documents when the export occurs. Ask the bank what action is required if the order is cancelled or delayed.
A proposed set-off or surplus use is rejected
Stop the transaction until the AD bank identifies the applicable FEMA condition, limit and approval. Preserve both underlying files and obtain a written decision; an internal netting entry is not authority to bypass reporting.
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For each SRVA export or import, send an indexed pack containing the contract or purchase order, invoice, customs declaration, transport and delivery evidence, packing and origin documents, LC or collection papers, SRVA advice and payment message, reconciliation, and EDPMS or IDPMS references. Add approvals for advances, set-off, refunds, write-offs, third-party payments or surplus-balance use.
Label every document with the same transaction identifier and keep a version history for amendments. Before requesting closure, ask the bank to confirm that the amount, customs reference, payment message and reporting entry agree. The exact document list, codes, deadlines and retention instructions come from the AD bank for the particular transaction; obtain them before payment rather than trying to repair the file afterward.
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