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The Reserve Bank of India amends the Foreign Exchange Management Manner of Receipt and Payment Regulations 2016 to expand currency options for transactions under the Asian Clearing Union mechanism. Authorized dealers and banks of member countries now use ACU Dollar account, ACU Euro account, and ACU Japanese Yen account for receipts of exports and payments for imports of eligible goods and services. The regulations take effect on the date of publication in the official Gazette.
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Relative A.P. (DIR) circular: A. P. (DIR Series) Circular No. 22 dated March 17, 2020- Settlement system under Asian Clearing Union (ACU) Mechanism dated March 17, 2020
Reserve Bank of India Foreign Exchange Department Central Office Mumbai
Notification No. FEMA 14(R)/(2)/2020-RB
March 04, 2020
Foreign Exchange Management (Manner of Receipt and Payment) (Second Amendment) Regulations, 2020
In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 [ Notification No. FEMA 14(R)/2016- RB dated May 02, 2016 ] (hereinafter referred to as 'the Principal Regulations'), namely:
Short title and commencement: - These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) (Second Amendment) Regulations, 2020. They shall come into force from the date of their publication in the official Gazette .
In the Principal Regulations,
(Ajay Kumar Misra) Chief General Manager-in-Charge
Published in the Official Gazette of India- Extraordinary -Part III, Section 4 dated 06.03.2020
Foot Note: The Principal Regulations were published in the Official Gazette vide No. G.S.R. 480(E) dated May 3, 2016 and subsequently amended as under:
