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of <h1>Asian Clearing Union Updates Settlement to Include ACU Dollar and Euro from January 2009 under FEMA 1999.</h1> The circular informs Authorised Dealer Category - I banks about changes in the settlement system under the Asian Clearing Union (ACU) mechanism. Effective January 1, 2009, transactions can be settled in either ACU Dollar or ACU Euro, with the Asian Monetary Unit denominated accordingly. Banks are permitted to open and maintain ACU Dollar and Euro accounts with correspondent banks in participating countries. Amendments to relevant Foreign Exchange Management Regulations and procedures will be issued separately. The circular is issued under the Foreign Exchange Management Act, 1999, and banks are advised to inform their concerned constituents.
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