ACU settlement mechanism: permitting use of ACU Dollar and ACU Euro nostro accounts for cross border trade payments. Authorises use of ACU Dollar and ACU Euro Nostro accounts to settle eligible export and import transactions among ACU member countries: export payments may be debited to the counterparty bank's ACU account in India or credited to the authorised dealer's ACU account with its correspondent abroad; import payments may be credited to the counterparty bank's ACU account in India or debited to the authorised dealer's ACU account with its correspondent. Eligible trade with ACU members shall, except where specific exemptions apply, be settled through the ACU mechanism.
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Provisions expressly mentioned in the judgment/order text.
ACU settlement mechanism: permitting use of ACU Dollar and ACU Euro nostro accounts for cross border trade payments.
Authorises use of ACU Dollar and ACU Euro Nostro accounts to settle eligible export and import transactions among ACU member countries: export payments may be debited to the counterparty bank's ACU account in India or credited to the authorised dealer's ACU account with its correspondent abroad; import payments may be credited to the counterparty bank's ACU account in India or debited to the authorised dealer's ACU account with its correspondent. Eligible trade with ACU members shall, except where specific exemptions apply, be settled through the ACU mechanism.
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