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A voluntary organisation established on 6th July 1949, BCAS has presently more than 9,000 members from all over the country. BCAS is a principle-centered and learning-oriented organisation promoting quality service and excellence in the profession of Chartered Accountancy.
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May 2009

Settlement system under ACU Mechanism

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
Chartered Accountants

Reading Time 1 mins

New Page 1

Part C : RBI/FEMA

Given below are the highlights of certain RBI Circulars and Press Notes
issued by DIPP

A. P. (DIR Series) Circular No. 43, dated 26.12.2008

Settlement system under ACU Mechanism

Presently, transactions through the Asian Clearing Union (ACU)
can be settled in ACU Dollars only.

This Circular provides that on and from 1.1.2009,
transactions through ACU can be settled in ACU Dollars or ACU Euros at the
option of the participants.

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May 2009

Settlement system under ACU Mechanism

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May 2009

Settlement system under ACU Mechanism

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Rate of tax on timber is 12.5% from 1st April 2009

Hedging of freight risk by domestic oil-refining, shipping companies and other companies