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impex

3. Indian Exporters accordingly are directed to use origin declaration wording under DCTS scheme, in place of origin
declaration wording under GSP is filled through self-certification.

4. Details provided by UK on DCTS can be accessed at the following URLs:-
https://www.gov.uk/government/publications/developing-countries-trading-scheme-dcts-new-policy-report/
developing-countries-trading-scheme-government-policy-response

https://www.gov.uk/guidance/using-an-origin-declaration-for-the-developing-countries-trading-scheme
authority.

Impex # 6 Questions & Answers

Question : What is the procedure for opening a Special Rupee Vostro Account with an Indian AD bank?
Answer : The bank approaching the RBI for seeking approval for opening of Special Rupee Vostro Account must
submit the following information along with their proposal/request:
a. The details of the arrangement
between bank and correspondent
bank from the trading partner
country along with the funds flow.
b. A brief write-up on the foreign
banks seeking correspondent
relationships.
c. Copy of the request letter of the
correspondent bank to Indian
bank.

d. Confirmation from the Indian bank
that the due diligence has been
carried out by the bank which
establishes correspondent
banking relationship as per our
extant guidelines.
e. Confirmation from Indian bank
stating that the correspondent
bank is not from a country or
jurisdiction in the updated FATF. f.
Confirmation from Indian bank
that they shall ensure that all the
transactions taking place in the
Special Rupee Vostro Account of
the correspondent bank are strictly
in adherence to the instructions
given in the RBI Circular dated 11th
July 2022.

16 CRAFTCIL • March 2024