RBI/2009-10/318
A. P. (DIR Series) Circular No. 35
February 17, 2010
To
All Authorised Dealer Category-I banks
Madam / Sir,
Memorandum of Procedure for channeling transactions
through Asian Clearing Union (ACU)
Attention of Authorised Dealer Category-I (AD Category – I) banks is invited to
the Memorandum containing detailed procedural instructions for channeling
transactions through Asian Clearing Union (ACU) (Memorandum ACM) issued in
April, 2003 and other relevant instructions issued from time to time.
- In view of the changes effected in the settlement system in ACU mechanism, as
decided in the 37th ACU Board Meeting held in June, 2008, the Memorandum ACM
containing Memorandum of Procedure for channeling transactions through Asian
Clearing Union (ACU) has been updated. The revised Memorandum ACM is annexed.
- AD Category-I banks may bring the contents of this circular to the notice of
their constituents concerned.
- The directions contained in this circular have been issued under sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is
without prejudice to permissions/ approvals, if any, required under any other
law.
Yours faithfully,
(D. Mishra)
Chief General Manager