18 January 2023
Sir We are exporters and we would like to export our products to Sri Lanka. As per Nostro Account Export advance Payment and final settlement in INR.
There are only 7 correspondence banks ( AD )are permitted and our bank doesn't have Vostro account. Importer at Sri Lanka has account with BANK OF CEYLON and corresponding Bank in India is also BANK OF CEYLON at chennai they have approved by RBI for Nostro account. can you please advise how do we get payments from Corresponding Bank " BANK of CEYLON, chennai to our Bank Account? Kindly clarify Regards/ Harsha
18 January 2023
Vostro is a reference to "yours" and refers to "your money that is on deposit at our bank." A vostro account is like any other account held by a bank. Contact BANK of CEYLON, chennai they will guide you to transfer the money to your account.
CAclubindia
