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of <h1>New Guidelines for ACU Transactions: Export/Import Rules Updated for Banks Under FEMA 1999.</h1> The circular addresses Authorised Dealer Category-I banks, updating procedures for transactions through the Asian Clearing Union (ACU) as decided in a meeting on June 19, 2013. Only export/import transactions of goods and services among ACU countries are eligible for payment under the ACU mechanism. The circular updates specific paragraphs of a previous circular from February 17, 2010, while other instructions remain unchanged. It emphasizes compliance with the Foreign Exchange Management Act, 1999, and highlights that trade with Myanmar can be settled in any freely convertible currency. Banks are advised to inform their constituents of these changes.
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