ACU – Funding of Nostro Account on ‘Tom’ basis in addition to ‘Spot’ basis

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....uthorised Dealers in Foreign Exchange Dear Sirs, ACU - Funding of Nostro Account on 'Tom' basis in addition to 'Spot' basis In terms of Paragraph 12(ii) of Memorandum ACM, requests from authorised dealers for funding of their ACU dollar accounts with commercial banks in participating countries on 'Spot' basis are required to be made in form ACU-1, in duplicate, to the Department of Extern....

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.... 4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any contravention or non-observance of these directions is subject to the penalties prescribed under the Act. Yours faithfully, K.J. UDESHI Chief General Manager   ACU 1(Paragraph 12(ii) of ACM) (To be submitted in....