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

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Dealer Category-I banks 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 ( .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... .35 dated February 17, 2010 Revised Para 7 and Para 8 (b) to the Annex 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 transactio .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rt transactions between ACU member countries including export and import on deferred payment terms; and (b) 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 ex .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X