1. Introduction to Nostro/Vostro Account and its Relation to Recent News

    - Recently, the government has simplified the payment mechanism for traders importing pulses from Myanmar.

    - The importers have now been asked to utilise the Rupee/Kyat direct payment system through a Special Rupee Vostro Account (SRVA) facilitated by Punjab National Bank.

2. Understanding What Nostro/Vostro Accounts Are

    - Nostro and Vostro are types of accounts maintained by banks for facilitating international transactions.

    - A Nostro account is an account held by a bank in another bank, mostly in cases where a bank has no branches in a foreign country. The term Nostro comes from a Latin word that means “ours”.

    - On the other hand, a Vostro account is a correspondent account that a bank holds on behalf of another bank. The term Vostro is a Latin word which translates to “your”.

    - Both Nostro and Vostro accounts are held in foreign denominations, enabling transactions in currencies other than the bank's native currency.

3. Significance and Uses of Vostro Account

    - Vostro accounts play a pivotal role in enabling domestic banks to provide international banking services to clients with global banking needs.

    - Such accounts allow banks to perform various services, including executing wire transfers, performing foreign exchange transactions, enabling deposits and withdrawals, and expediting international trade.

4. Recent Changes to Import Payment Mechanism

    - In the new directive for pulse importers, the government has asked them to use the Special Rupee Vostro Account (SRVA).

    - This move is intended to simplify and streamline the payment process for importers, making the business more smooth and efficient.

5. Country Specific Relevance for Exam Preparations

    - From a geography and international relations perspective, this is an important development in India-Myanmar economic relations.

    - On the financial front, the knowledge of Nostro and Vostro accounts, their benefits and uses, forms an integral part of banking and economic modules of various competitive exams.

All in all, this recent development is quite comprehensive and touches upon several spheres, including international relations, banking, foreign trade, and economics, making it quite a germane topic to follow for various competitive exams.