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February 2011

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

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
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Part C : RBI/FEMA

Given below are the highlights of certain RBI Circulars.

56 A.P. (DIR Series) Circular No. 30,

dated 23-12-2010

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

 

Presently, all eligible current account transactions as defined by the Articles of Agreement of the International Monetary Fund and the export/import transactions between the ACU member countries on deferred payment terms, respectively, are to be routed through the ACU mechanism.

This Circular provides that henceforth payment for import of oil or gas must be settled in any permitted currency outside the ACU mechanism.

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