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of <h1>Banks Can Now Settle Trade Transactions with Myanmar in Freely Convertible Currencies, Beyond ACU Mechanism, per FEMA Update.</h1> The circular issued on November 19, 2004, informs all banks authorized to deal in foreign exchange about a relaxation in trade transactions with Myanmar. Previously, such transactions had to be routed through the Asian Clearing Union (ACU) mechanism as per the Foreign Exchange Management Act (FEMA) regulations. Due to international developments, it is now permissible to settle these transactions in any freely convertible currency, in addition to the ACU mechanism. Amendments to the relevant regulations will be issued separately. Banks are instructed to inform their concerned clients about this change.
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