Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Latest Circulars »
Open DEMAT Account in 24 hrs
  Rupee Interest Rate Derivatives (Reserve Bank) Directions - Review
 Monetary Policy Statement, 2022-23 Resolution of the Monetary Policy Committee (MPC) August 3-5, 2022
 Master Directions Priority Sector Lending (PSL) Targets and Classification (Updated as on August 02, 2022)
 Auction of Government of India Dated Securities Aug 01, 2022
 Master Circular on Credit Facilities to Minority Communities
 Master Circular Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
 Premature redemption under Sovereign Gold Bond (SGB) Scheme - Redemption Price for premature redemption due on August 05, 2022 (Series I of SGB 2016 - 17)
 Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) Durga Co-operative Urban Bank Ltd., Vijayawada
 Master Direction - Lending to Micro, Small & Medium Enterprises (MSME) Sector (Updated as on July 29, 2022)
 United Nations Security Council Resolutions (UNSCR) 1718 Sanctions Committee on Democratic People s Republic of Korea (DPRK) amends 44 existing entries on its Sanctions List
 Webinar on Audit of Small Entities ( Engagement letter, Management Representation letter and Documentation)

Asian Clearing Union (ACU) Mechanism Indo-Sri Lanka trade
July, 11th 2022

RBI/2022-2023/89
A.P. (DIR Series) Circular No. 09

July 08, 2022

To
All Category-I Authorised Dealer Banks

Madam/Sir,

Asian Clearing Union (ACU) Mechanism – Indo-Sri Lanka trade

Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to Regulations 3 and 5 of Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 in terms of which export / import transactions between ACU member countries are to be routed through the ACU mechanism.

2. The extant provisions have been reviewed and in terms of clause b of sub-Regulation 2 of Regulation 3 and clause c of sub-Regulation 2 of Regulation 5 of Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016, it has been decided that all eligible current account transactions including trade transactions with Sri Lanka may be settled in any permitted currency outside the ACU mechanism until further notice.

3. The above instructions shall come into force with immediate effect. 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 sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(Vivek Srivastava)
Chief General Manager

Home | About Us | Terms and Conditions | Contact Us
Copyright 2022 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting