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of <h1>India-Maldives Trade: RBI Allows Bilateral Transactions in INR and MVR, Expanding Beyond Asian Clearing Union Mechanism.</h1> The Reserve Bank of India (RBI) has issued a circular to all Category-I Authorised Dealer Banks regarding trade transactions between India and Maldives. Following a Memorandum of Understanding between RBI and the Maldives Monetary Authority, it is now permissible for bilateral trade transactions to be settled using the Indian Rupee (INR) and Maldivian Rufiyaa (MVR), in addition to the existing Asian Clearing Union (ACU) mechanism. These instructions are effective immediately and are issued under the Foreign Exchange Management Act, 1999. Banks are instructed to inform their relevant constituents of these changes.
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