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of <h1>India Allows INR Settlements for Sri Lanka Loan Outside ACU Amid Payment Challenges for Exporters Under FEMA 1999.</h1> The circular addresses the settlement of a Government of India guaranteed term loan extended by the State Bank of India (SBI) to the Government of Sri Lanka, allowing transactions to be settled in Indian Rupees (INR) outside the Asian Clearing Union (ACU) mechanism. This decision is due to difficulties faced by exporters in receiving payments from Sri Lanka. The arrangement facilitates financing the export of eligible goods and services from India under the Foreign Trade Policy. Authorized Dealer Category-I banks are instructed to inform relevant parties and advise them to obtain details of the credit facility agreement from SBI. The directions are issued under the Foreign Exchange Management Act (FEMA), 1999.
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