Srilanka Crisis: RBI came forward to help the troubled Sri Lanka, now gave this instruction to the banks

Srilanka Crisis: The Reserve Bank of India (RBI) said that all legitimate trade deals with Sri Lanka can be settled in any accepted currency outside the Asian Clearing Union (ACU) regime.



Srilanka Crisis: Srilanka, which is facing a huge economic crisis, has been given help from India many times. Once again India has extended a helping hand. Under this, the Reserve Bank of India (RBI) said that all legitimate trade deals with Sri Lanka can be settled in any accepted currency outside the Asian Clearing Union (ACU) regime. India is providing credit facility to Sri Lanka, which is facing severe financial crisis.

Instructions will come into force with immediate effect

RBI said that 'it has been decided that all eligible current account transactions, including Sri Lankan trade transactions, can be done in currency accepted outside the ACU regime until further notice.' The Reserve Bank has said this in a circular issued to India-Sri Lanka business banks. This instruction has come into force with immediate effect. Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are currently members of the ACU.

ACU established in 1974

The ACU was established on 9 December 1974 at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to promote regional cooperation. Its headquarter is in Tehran. The main objective of the Clearing Association is to facilitate payments between member countries for eligible transactions on a multilateral basis.

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