Regulatory Alerts2008-12-22
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FE Circular No. 15 : Payment through Asian Clearing Union ( ACU)
The document amends the Guidelines for Foreign Exchange Transactions (GFET) 1996 to allow settlement of Asian Clearing Union (ACU) transactions in Euros, in addition to Asian Monetary Units, effective 01 January 2009. Authorised Dealers must maintain nostro accounts in ACU Dollars and ACU Euros and utilize specific currency codes (98 for ACU Dollar and 47 for ACU Euro) when reporting transactions in Statements S-2, S-10, and S-11. These reporting instructions apply to monthly returns submitted starting from February 2009 for the month of January 2009.
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