Asian Clearing Union membership expands to include new central bank, requiring banks to follow ACU transaction procedures. The Maldives Monetary Authority has been admitted to the Asian Clearing Union and will commence ACU operations from January 1, 2010; standard ACU provisions apply unless exempted. Authorised Dealer Category I banks must channel transactions per the Memorandum of Procedure for Channelling Transactions through Asian Clearing Union (Memorandum ACM) and the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, as amended. Consequential amendments to FEMA regulations and the Memorandum ACM are being issued separately, and the circular is issued under the authority of the Foreign Exchange Management Act.
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Asian Clearing Union membership expands to include new central bank, requiring banks to follow ACU transaction procedures.
The Maldives Monetary Authority has been admitted to the Asian Clearing Union and will commence ACU operations from January 1, 2010; standard ACU provisions apply unless exempted. Authorised Dealer Category I banks must channel transactions per the Memorandum of Procedure for Channelling Transactions through Asian Clearing Union (Memorandum ACM) and the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, as amended. Consequential amendments to FEMA regulations and the Memorandum ACM are being issued separately, and the circular is issued under the authority of the Foreign Exchange Management Act.
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