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Jan 30, 2026

Investment in Corporate Debt Securities by Persons Resident Outside India Through Special Rupee Vostro Account

RBI has widened the permissible limits of investments for surplus Indian Rupee balances held by persons resident outside India that maintain a Special Rupee Vostro Account (‘SRVA’) for international trade settlement in Indian Rupees.

Earlier, SRVA holders were permitted to invest Indian Rupee surplus balances only in Central Government securities, including treasury bills. However, RBI now allows these Indian Rupee surplus balances to be invested in non-convertible debentures/bonds and commercial papers issued by Indian companies.

The investments through SRVA will be subject to investment limits and stipulations specified for FPI investing in corporate debt securities under the ‘general route’. However, certain restrictions under this route like the requirement to have a minimum residual maturity of one year and issue-wise investment limit for FPIs, are not applicable to investments through SRVA.

Further, Authorised Dealer (AD) banks are required to open a separate securities account for investments made by SRVA holders. These banks are required to report SRVA transactions in corporate debt securities with SEBI registered depositories to ensure conformity with investment limits.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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