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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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