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of <h1>RBI Amends Foreign Exchange Rules: Payments Between ACU Countries Now Via ACU Mechanism or RBI Instructions</h1> The Reserve Bank of India has issued an amendment to the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, under the Foreign Exchange Management Act, 1999. Effective from its publication date in the Official Gazette, the amendment modifies Regulation 3, specifically sub-regulation (2), clause (I), sub-clause (a). It now stipulates that payments between residents of participant countries in the Asian Clearing Union (excluding Nepal and Bhutan) can be made through the ACU mechanism or as directed by the Reserve Bank. For other transactions, payments should follow the specified manner outlined in the regulations.
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