75th Founding Day Lecture Meeting on “India@2030” Know More

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
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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.

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