ACU - Asian Clearing Union

Q1. What is the Asian Clearing Union (ACU)?

A.  The Asian Clearing Union (ACU) was established with its head quarters at Tehran, Iran, on December 9, 1974 at the initiative of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), for promoting regional co-operation. The main objectives of a clearing union are to facilitate payments among member countries for eligible transactions on a multilateral basis, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade among the participating countries.

Q2. Who are the members of the ACU?

A.  The Central Banks and the Monetary Authorities of Iran, India, Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka, Myanmar and Maldives are currently the members of the ACU.

Q3. Where are the instructions, relating to the ACU, available?

A.   The detailed procedural instructions issued by RBI are contained in the A.P. (DIR Series) Circular No.35 dated February 17, 2010.