ACU settlement suspension permits eligible current account and trade transactions with Iran to be settled in permitted currencies outside ACU. All eligible current account transactions, including export/import trade with Iran, may be settled in any permitted currency outside the ACU mechanism until further notice; AD Category I banks must notify constituents. Amendments to the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 will be issued, and the directions are issued under powers granted by the Foreign Exchange Management Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
ACU settlement suspension permits eligible current account and trade transactions with Iran to be settled in permitted currencies outside ACU.
All eligible current account transactions, including export/import trade with Iran, may be settled in any permitted currency outside the ACU mechanism until further notice; AD Category I banks must notify constituents. Amendments to the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 will be issued, and the directions are issued under powers granted by the Foreign Exchange Management Act.
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