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RBI amends Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 (Regulation) in respect of Asian Clearing Union (ACU) transactions
Reserve Bank of India (RBI) notified the revised Regulation concerning trade transactions with ACU member countries. Earlier, there was a provision that if the goods were shipped from an ACU member country, but the supplier was a resident of a non-ACU member country, the payment could be made through non-ACU mechanisms. The amended Regulation simplifies the process by stating that all payments to residents in the territory of one ACU participant country from residents in the territory of another ACU participant country should be made through the ACU mechanism or as per RBI's directions and for all the other transactions, the receipt and payment may be made through non-ACU mechanisms.
Source: FEMA 14(R)(1)/2025-RB dated 10 February 2025