Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: empanelment
 
 
Latest Circulars »
  RBI-Enhancement of withdrawal limits from ATMs and Current Accounts
 Auction of Government of India Dated Securities January 16, 2017
  Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of ₹ 500 and ₹ 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016
 RBI-Career Opportunities at Reserve Bank Information Technology Pvt Ltd
 RBI-Appointment of Director, National Institute of Bank Management (NIBM), Pune (Revised)
 RBI-Enhancement of withdrawal limits from ATMs and Current Accounts
  Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
 Evidence of Import under Import Data Processing and Monitoring System (IDPMS)
 Issuance of 35 days and 49 days Cash Management Bills under Market Stabilisation Scheme (MSS) on January 13, 2017
 RBI to conduct Overnight Variable Rate Reverse Repo Auction under LAF on January 12, 2017 between 4.00 pm and 4.30 pm
  Macro and Micro Drivers of Business Potential of IFSCs in India (Dr. Urjit R. Patel, Governor – January 11, 2017 – at Gandhinagar, Gujarat)

RBI-Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)
October, 09th 2015

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.

2. 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.

3. Consequently, payments for all eligible

  1. 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;

  2. 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.

4. 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.

5. AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned.

6. 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

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions