|
RBI/2015-16/441
A.P. (DIR Series) Circular No. 81
June 30, 2016
To
All Authorised Dealer Category-I Banks
Madam / Sir,
Settlement System under Asian Clearing Union (ACU)
Attention of Authorised Dealer Category-I Banks is invited to the
A.P. (DIR Series) Circular No. 43 dated December 26, 2008, giving
participants in ACU mechanism the option to settle their transactions either in
‘ACU Dollar’ or in ‘ACU Euro’. The 'ACU Dollar' and 'ACU Euro' is equivalent in
value to one US Dollar and one Euro, respectively.
2. As the payment channel for processing ‘ACU Euro’ transactions is under
review, it has become necessary to temporarily suspend operations in ‘ACU Euro’
with effect from July 01, 2016. Accordingly, all eligible current account
transactions including trade transactions in ‘Euro’ are permitted to be settled
outside the ACU mechanism until further notice.
3. AD Category-I Banks may bring the contents of this circular to the notice
of their constituents concerned.
4. 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,
(Shekhar Bhatnagar)
Chief General Manager-in- charge
|