Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

February 2011

Asian Clearing Union (ACU) Mechanism — Indo-Iran Trade

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
fiogf49gjkf0d

New Page 1

Part C : RBI/FEMA


Given below are the
highlights of certain RBI Circulars.

57 A.P. (DIR Series)
Circular No. 31,

dated 27-12-2010

Asian Clearing Union (ACU)
Mechanism — Indo-Iran Trade

 

This Circular provides that
all eligible current account transactions including trade transactions with Iran
should be settled in any permitted currency outside the ACU mechanism until
further notice. This has been done to mitigate the difficulties being
experienced by importers/exporters in payments to/receipts from Iran.

Download PDF

You May Also Like

Asian Clearing Union (ACU) Mechanism — Payments for import of oil or gas

Comprehensive Guidelines on Over-the-Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price and Freight Risks