TaxTMI 
TaxTMI 
RBI permits settlement of trade transactions with Maldives in local currencies
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....BI permits settlement of trade transactions with Maldives in local currencies<BR>News and Press Release<BR>Dated:- 17-3-2025<BR>PTI<BR>Mumbai, Mar 17 (PTI) Reserve Bank on Monday said India's bilatera....
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....l trade transactions with Maldives may also be settled in INR and/or MVR in addition to the ACU mechanism. Asian Clearing Union (ACU) is a payment arrangement whereby the participants settle payment....
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....s for intra-regional transactions among the participating central banks on a net multilateral basis. The participants include central banks and the monetary authorities of Bangladesh, Belarus, Bhuta....
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....n, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka. A Memorandum of Understanding (MoU) has been signed between RBI and Maldives Monetary Authority in November 2024 for establishing a....
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.... framework to promote the use of local currencies -- Indian Rupee (INR) and Maldivian Rufiyaa (MVR) for bilateral transactions. "In the wake of signing of Memorandum of Understanding (MoU)...it has ....
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....been decided that India's bilateral trade transactions with Maldives may also be settled in INR and/or MVR in addition to the ACU mechanism, as hitherto," the RBI said in a circular. The RBI further....
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.... said the instructions shall come into force with immediate effect. PTI NKD HVA<BR> News - Press release - PIB....