Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)

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....CU) Attention of Authorised Dealer Category-I banks is invited to the Memorandum containing detailed procedural instructions for channeling transactions through the Asian Clearing Union (ACU) (Memorandum ACM) issued on February 17, 2010 and the subsequent amendment to the same vide A.P. (DIR Series) Circular No.63 dated October 18, 2013. 2. In view of the understanding reached among the memb....

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....India of a bank of the member country in which the other party to the transaction is resident or by debit to the ACU Dollar / ACU Euro account of an authorised dealer with the correspondent bank in the other member country. 4. It is further reiterated that all eligible export/import transactions with other ACU member countries (except in the case of certain countries where specific exemptions h....