CIR. NO. 14/2009-10-RB, DT. 30/10/2009
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Participants under ACU Mechanism-Inclusion of Maldives Monetary Authority
Participants under ACU Mechanism-Inclusion of Maldives Monetary Authority
2. In the meeting of the Asian Clearing Union (ACU) Board of Directors held in Colombo, Sri Lanka on June 16, 2009, the Maldives Monetary Authority (MMA) has been admitted in the Asian Clearing Union as a Member. The Maldives Monetary Authority will commence ACU operations with effect from January 1, 2010. All the provisions of ACU mechanism, as applicable to ACU member countries, unless otherwise specifically exempted, will be applicable to Maldives Monetary Authority. AD Category - I banks may follow the provisions contained in the Memorandum of Procedure for Channelling Transactions through Asian Clearing Union (ACU) [Memorandum ACM] and the regulations contained in FEMA Notification referred to above in this regard.
3. Necessary amendments to the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 and Memorandum of Procedure for Channelling Transactions through Asian Clearing Union (ACU) [Memorandum ACM] are being issued separately.
4. AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned.
5. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
(D. Mishra)
Chief General Manager