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of <h1>DGFT Confirms Export Contracts in ACU Dollars Eligible for Export Promotion Schemes as Freely Convertible Currency.</h1> The circular issued by the Directorate General of Foreign Trade (DGFT) clarifies that export contracts with payments received through the Asian Clearing Union (ACU) must be denominated in ACU Dollars. There was uncertainty in the trade and industry sectors regarding whether exporters receiving payments in ACU Dollars could benefit from Export Promotion Schemes, including incentive schemes. The circular confirms that since the ACU Dollar is considered equivalent to a freely convertible currency under Reserve Bank of India guidelines, exporters are eligible for these benefits. This clarification has been approved by the Competent Authority.
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