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of <h1>RBI Allows Indo-Sri Lanka Trade Settlements in Any Permitted Currency Outside ACU Mechanism Per FEMA 1999 Regulations.</h1> The circular issued by the Reserve Bank of India (RBI) addresses Category-I Authorised Dealer Banks regarding the settlement of Indo-Sri Lanka trade transactions. It highlights the review of existing regulations under the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016. The RBI permits eligible current account transactions, including trade with Sri Lanka, to be settled in any permitted currency outside the Asian Clearing Union (ACU) mechanism until further notice. These instructions are effective immediately and are issued under the Foreign Exchange Management Act, 1999, without affecting other legal permissions or approvals.
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