Regulatory Alerts2014-03-04
Added · Updated
FEPD Circular No. 10: Payments through Asian Clearing Union (ACU)
Paragraph 2(b) of Chapter 3 of the Guidelines for Foreign Exchange Transactions (GFET) 2009 (Vol-1) is replaced to include payments arising from import or export transactions on deferred payment terms as eligible for settlement under the Asian Clearing Union mechanism. Payments not related to the import and export of goods and services are declared ineligible for ACU settlement unless mutually agreed upon by participants. Ineligible transactions must be settled bilaterally and reported under Statement S-1 or other relevant statements in the Guidelines for Foreign Exchange Transactions (Vol-2) instead of Statement S-2. These instructions come into force immediately for all Authorised Dealers of Foreign Exchange in Bangladesh.
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