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of <h1>ACU Settlement System Updates: Key Changes for Banks from June 2008 Meeting Under FEMA 1999.</h1> The circular addresses Authorized Dealer Category-I banks, highlighting updates to the Memorandum of Procedure for channeling transactions through the Asian Clearing Union (ACU). These updates stem from changes in the ACU settlement system decided at the 37th ACU Board Meeting in June 2008. Banks are instructed to inform their relevant constituents about these updates. The directions are issued under the Foreign Exchange Management Act, 1999, and do not affect any other required permissions or approvals under different laws.
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