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RBI okays trade with Myanmar in freely convertible currency

Our Bureau

Mumbai , Nov. 19

THE Reserve Bank of India today said that trade transactions with Myanmar can be settled in any freely convertible currency, in addition to the existing Asian Clearing Union (ACU) mechanism.

The apex bank said in a notification to all banks authorised to deal in foreign exchange that the direction contained in this circular is without prejudice to permissions or approvals, if any, required under any other law.

According to earlier rules, the memorandum of procedure for channelling transaction through Asian Clearing Union (ACU) said that all current account transactions as defined by the Articles of Agreement of the International Monetary Fund and export or import transactions between ACU member countries on deferred payment terms respectively, were to be routed through the ACU mechanism.

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