A.P. (DIR Series) Circular No.25 (February 17, 2001)

A.P. (DIR Series) Circular No.25, Dt. 17-02-2001

Dear Sirs,

In terms of Paragraph 12(ii) of Memorandum ACM, requests from authorised dealers for funding of their ACU dollar accounts with commercial banks in participating countries on ‘Spot’ basis are required to be made in form ACU-1, in duplicate, to the Department of External Investments & Operations (DEIO), Reserve Bank of India, Mumbai.

2. It has now been decided that requests from authorised dealers for funding their ACU dollar accounts with commercial banks in participating countries as well as for repatriation of the excess liquidity in the ACU dollar accounts of their correspondent banks maintained with them, would be accepted in ACU 1 and ACU 2 format respectively, by DEIO, RBI, Mumbai on ‘Tom’ basis also, in addition to ‘Spot’ basis, with effect from March 1, 2001. Authorised Dealers desirous of availing the facility of booking transactions on ‘Tom’ basis, should submit their applications to DEIO, RBI, Mumbai before 3.00 p.m. a day prior to Value Date.
   
   (Booking ACU transactions on ‘Tom’ basis may submit their applications to Department of External Investments and Operations, Central Office, Reserve Bank of India, Mumbai upto 4 p.m. a day prior to the Value Date. Vide A.P.(DIR Series) Cir. No. 42/2002-RB, Dt. 30/04/2002)
   
   
3. Consequent to the change mentioned above, Form ACU 1 may be replaced by the enclosed Slip.
   
   
4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any contravention or non-observance of these directions is subject to the penalties prescribed under the Act.

Yours faithfully,
K.J. UDESHI
Chief General Manager

ACU 1
(Paragraph 12(ii) of ACM)

(To be submitted in duplicate)

The Chief General Manager,
Reserve Bank of India,
Department of External Investments & Operations,
Central Office,
Mumbai-400 001.

Dear Sir,

Asian Clearing Union

We ...…………......................................... hereby undertake to deliver for

the account of the Reserve Bank of India with FRBNY with U.S.$. .............

(.……….........................................) for *spot/tom delivery on ..............

                   (in words)                      (value date)

Kindly arrange to credit the foreign currency amount to our account No......

with.........….................…............ through ...................………...............

(name of correspondent bank)     (name of participant central bank and office).

* strike out whichever is not necessary.

Yours faithfully,

Manager


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