ACU Minimum Scaled Down to $500
[RBI Circular No. 72 dated 26th
May 2016]
Sub: Memorandum of Procedure for
channeling transactions through Asian Clearing Union (ACU)
Attention of Authorised Dealer
Category-I Banks is invited to the Memorandum containing detailed procedural instructions
for channeling transactions through the Asian Clearing Union (ACU) (Memorandum ACM) issued on February 17,
2010, as amended from time to time. In terms of paragraph 11 of the Memorandum
the minimum amounts and the multiples in which Reserve Bank receives and pays
U.S. Dollar/ Euro is $ 25,000/ € 25,000 and $ 1,000/ € 1,000, respectively.
2. In
view of the understanding reached amongst the members of the ACU during the
44rth Meeting of the ACU Board of Directors in June, 2015, it has been decided
to revise the minimum amount and the multiples in which Reserve Bank will
receive and pay for the purpose of funding or for repatriating the excess
liquidity in the ACU Dollar and ACU Euro accounts to $ 500 / € 500.
3. AD
Category-I Banks may bring the contents of this circular to the notice of their
constituents concerned.
4. The
directions contained in this circular have been issued under section 10(4) and
11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without
prejudice to permissions/approvals, if any, required under any other law.