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of <h1>RBI Updates Guidelines: Nepal-India Trade Payments in Foreign Exchange Must Use Asian Clearing Union Mechanism per FEMA 1999.</h1> The Reserve Bank of India has updated the guidelines for trade transactions between India and Nepal. Previously, such transactions could be settled in Indian rupees. Now, if the Nepal Rashtra Bank allows an importer in Nepal to pay in free foreign exchange for goods exported from India, these payments must be processed through the Asian Clearing Union (ACU) mechanism. Authorized dealers are instructed to inform their clients about this change. These directives are issued under the Foreign Exchange Management Act, 1999. Further updates to the Memorandum ACM will be provided later.
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