Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)

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..... is invited to Para 7 and Para 8 of Annex to the A.P.(DIR Series) Circular No.35 dated February 17, 2010. 2. The ACU Board of Directors in their meeting held on June 19, 2013 have decided to include only transactions involving export/import of goods and services among ACU countries as eligible for payment under the ACU Mechanism. Accordingly, Para 7 and sub-paragraph (b) of Para 8 of the Annex to .....

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..... nnex of A.P.(DIR Series) Circular No.35 dated February 17, 2010 7. Eligible Payments Transactions that are eligible to be made through ACU are payments - (a) from a resident in the territory of one participant to a resident in the territory of another participant; (b) for current international transactions as defined by the Articles of Agreement of the International Monetary Fund; (c) permit .....

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..... not declared ineligible under paragraph 8 of this Memorandum Note:- Trade transactions with Myanmar may be settled in any freely convertible currency, in addition to the ACU mechanism. 8. Ineligible Payments (b) payments that are not on account of export / import transactions between ACU members countries except to the extent mutually agreed upon between the Reserve Bank and the other partic .....

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