What is SRVA (Special Rupee Vostro Account)?
A Special Rupee Vostro Account, or SRVA, is a particular kind of vostro account set up for settling international trade in Indian rupees. Under an RBI framework introduced in 2022, a foreign bank (through an Indian AD bank) can open an SRVA, and trade between India and that bank's country can then be invoiced and paid in rupees. Payments for Indian exports are made from the SRVA to the exporter's account, so no foreign-currency conversion happens on the Indian side.
Why it matters for exporters
For most service exporters, SRVAs will never come up; clients pay in dollars, euros or pounds. They matter when a client, often in a market where dollar access is limited, wants to pay in rupees. Rupee invoicing changes two things on your side. First, the EDF shows the invoice currency as INR in Part 2B, and field 1.22 total is straightforward. Second, under the 2026 export regulations, exports invoiced or settled in Indian rupees have 12 months from the invoice date to be realised, instead of 9.
The mechanics, such as which banks hold SRVAs for which countries and what documents they ask for, depend on your AD bank, so ask before you agree payment terms. Read rupee invoicing and SRVAs for the bigger picture.
Example
Mosaic BPO Pvt Ltd agrees to invoice a client in a partner country ₹14,00,000 per month in rupees. Its AD bank confirms the client's bank holds an SRVA with it. The January 2027 invoice goes on the EDF due 2 March 2027, and Mosaic tracks a 12-month realisation window to January 2028.
Common confusion
GST rules on export of services ask for payment in convertible foreign exchange or in rupees where RBI permits. Whether a particular rupee receipt meets that test is a GST question for your CA, separate from FEMA reporting.