| Date: |
08-10-2015
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| Notification No: |
RBI/2015-16/203 A. P. (DIR Series) Circular No. 21
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2015-16/203 |
| Subject: |
Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)
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RBI/2015-16/203
A. P. (DIR Series) Circular No. 21
October 08, 2015
To
All Authorised Dealer Category-I banks
Madam / Sir,
Memorandum of Procedure for channeling transactions through Asian
Clearing Union (ACU)
Attention of Authorised Dealer Category-I banks is invited to the Memorandum
containing detailed procedural instructions for channeling transactions through
the Asian Clearing Union (ACU) (Memorandum ACM) issued on February 17, 2010 and
the subsequent amendment to the same vide
A.P. (DIR Series) Circular No.63 dated
October 18, 2013.
- In view of the understanding reached among the members of the ACU
during the 44th Meeting of the ACU Board in June, 2015, it has been decided
to permit the use of the Nostro accounts of the commercial banks of the ACU
member countries, i.e., the ACU Dollar and ACU Euro accounts, for settling
the payments of both exports and imports of goods and services among the ACU
countries.
- Consequently, payments for all eligible
export transactions may be made by debit to the ACU Dollar / ACU Euro
account in India of a bank of the member country in which the other party to
the transaction is resident or by credit to the ACU Dollar / ACU Euro
account of the authorised dealer maintained with the correspondent bank in
the other member country;
import transactions may be made by credit to the ACU Dollar / ACU Euro
account in India of a bank of the member country in which the other party to
the transaction is resident or by debit to the ACU Dollar / ACU Euro account
of an authorised dealer with the correspondent bank in the other member
country.
- It is further reiterated that all eligible export/import transactions
with other ACU member countries (except in the case of certain countries
where specific exemptions have been provided by the Reserve Bank of India)
shall invariably be settled through the ACU mechanism.
- AD Category-I banks may bring the contents of this circular to the notice
of their constituents concerned.
- The directions contained in this circular have been issued under section
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999)
and are without prejudice to permissions/approvals, if any, required under
any other law.
Yours faithfully,
(A K Pandey)
Chief General Manager
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