V-ray 1.50.225 For Rhinoceros 4 And 5 Full Version

This problem was reported to VRay developers, and they fixed it. Since version 1.50.225 VRay is applying both, the transparency maps and the alpha channel of the image maps, when Rhino materials are used.

V-ray 1.50.225 For Rhinoceros 4 And 5 Full Version