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of <h1>RBI Amends Foreign Exchange Regulations to Allow India-Myanmar Trade Payments in Freely Convertible Currency or ACU</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, effective from November 19, 2004. This amendment introduces sub-regulation (1A) to Regulations 3 and 5, allowing payments for exports from India to Myanmar and imports into India from Myanmar to be made in any freely convertible currency or through the Asian Clearing Union (ACU) mechanism. This change modifies the previous regulations and aims to facilitate trade transactions between India and Myanmar.
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