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FOREIGNEXCHANGEMANAGEMENT
With the transition to a marketbased system for determining the external value of the Indian rupee the foreign exchange
marketinIndiagainedimportanceintheearlyreformperiod.

AsianClearingUnion
(UpdatedasonOctober23,2013)
Q1.WhatistheAsianClearingUnion(ACU)?
Ans. The Asian Clearing Union (ACU) was established with its head quarters at Tehran, Iran, on December 9, 1974 at the
initiative of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), for promoting regional co
operation.Themainobjectiveoftheclearingunionistofacilitatepaymentsamongmembercountriesforeligibletransactions
onamultilateralbasis,therebyeconomizingontheuseofforeignexchangereservesandtransfercosts,aswellaspromoting
tradeamongtheparticipatingcountries.
Q2.WhoarethemembersoftheACU?
Ans.TheCentralBanksandtheMonetaryAuthoritiesofBangladesh,Bhutan,India,Iran,Maldives,Myanmar,Nepal,Pakistan
andSriLankaarecurrentlythemembersoftheACU.
Q3.Wherearetheinstructions,relatingtotheACU,available?
Ans.ThedetailedproceduralinstructionsissuedbyRBIarecontainedintheA.P.(DIRSeries)CircularNo.35datedFebruary
17,2010andinMasterCircularNo.14/201213datedJuly02,2012onexportofgoodsandservices.
Q4.HowaretheACUtransactionstobehandledbyAuthorisedDealers(AD)inIndia?
Ans. All transactions to be settled through the ACU will be handled by AD CategotyI banks in the same manner as other
normalforeignexchangetransactions,throughcorrespondentarrangements.
Q5.WhatistheunitofsettlementofACUtransactions?
Ans.TheAsianMonetaryUnits(AMUs)isthecommonunitofaccountofACUandisdenominatedasACUDollarandACU
Euro,whichisequivalentinvaluetooneUSDollarandoneEurorespectively.AllinstrumentsofpaymentsunderACUhave
to be denominated in AMUs. Settlement of such instruments may be made by AD CategoryI banks through the ACU Dollar
Accounts and ACU Euro Accounts, which should be distinct from the other US Dollar and Euro accounts respectively
maintainedfornonACUtransactions.
Q.6WhatistheprocedureforsettlementofACUtransactions?
Ans. i) Majorityof transactions, as possible, should be settled directly through the accounts maintained by AD Categoryl
bankswithbanks in the other participating countries and vice versa only the spillovers in either direction are required to be
settledbytheCentralBanksinthecountries concerned through the Clearing Union. At all times, the balances maintained in
theACUDollarandACUEuroaccountsshouldbecommensuratewithrequirementsofthenormalbusiness.
ii)ADCategorylbanksarepermittedtosettlecommercialandothereligibletransactionsinmuchthesamemannerasother
normalforeignexchangetransactions.
Q.7CanAuthorizedDealerCategorylbanksopenACUDollarandACUEuroAccountsinthenameofallbanksinall
membercountriesincludingPakistanwithoutthepriorapprovalofReserveBankofIndia?
Ans.Yes,thisispermissible.
Q.8WhatisthemechanismforsettlementthroughtheACU?
Ans. Detailed operational guidelines are available in A.P.(DIR Series) Circular No. 35 dated February 17, 2010 and Master
CircularNo.14/201213datedJuly02,2012onexportofgoodsandservices.
Q.9WhatarethetransactionswhichareeligibletobesettledthroughtheACU?
Ans.ThefollowingpaymentsareeligibletobesettledthroughACU:
i. forexport/importtransactionbetweenACUmembercountriesondeferredpaymenttermsand
ii. notdeclaredineligibleasmentionedunderQ.10
Note: Trade transaction with Myanmar may be settled in any freely convertible currency, in addition to the ACU
mechanism.
Q.10WhatarethepaymentsthatarenoteligibletobesettledthroughtheACU?
Ans.ThefollowingpaymentsarenoteligibletobesettledthroughACU:
i. Payments between Nepal and India and Bhutan and India, exception being made in the case of goods imported from
IndiabyanimporterresidentinNepalwhohasbeenpermittedbytheNepalRastraBanktomakepaymentsinforeign
exchange.SuchpaymentsmaybesettledthroughACUmechanismand
ii. Paymentsthatarenotonaccountofexport/importtransactionsbetweenACUmemberscountriesexcepttotheextent
mutuallyagreeduponbetweentheReserveBankandtheotherparticipantsand
iii. All eligible current account transactions including trade transactions with Iran should be settled in any permitted
currencyoutsidetheACUmechanismuntilfurthernotice.

Q.11ArealleligibletransactionsbetweenmembercountriesrequiredtobesettledthroughtheACU?
Ans.Yes.ExceptthetransactionsmentionedatQ.10(i),(ii)&(iii),However,tradetransactionswithMyanmarmaybesettledin
anyfreelyconvertiblecurrency,inadditiontotheACUmechanism.