ACU Dollar account statement requirement: Category-I authorised banks must issue transaction and monthly statements under FEMA directions. Authorised Dealer Category-I banks must issue ACU Dollar account statements to foreign counterparties when transactions occur and on a monthly basis, pursuant to the Memorandum of Procedure for channelling transactions through the Asian Clearing Union, to align with international best practices and avoid reconciliation problems; directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act and without prejudice to other required permissions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
ACU Dollar account statement requirement: Category-I authorised banks must issue transaction and monthly statements under FEMA directions.
Authorised Dealer Category-I banks must issue ACU Dollar account statements to foreign counterparties when transactions occur and on a monthly basis, pursuant to the Memorandum of Procedure for channelling transactions through the Asian Clearing Union, to align with international best practices and avoid reconciliation problems; directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act and without prejudice to other required permissions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
