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Dating in asia union money

Dating in asia union money

Contact Us Procedure Rules 1. These rules shall come into force on such date as may be notified by the Board of Directors of the Asian Clearing Union.

Settlement of such instruments will be made by the commercial banks through operations of the accounts referred to in Rule 6. All payments other than ineligible payments will be settled by the banks concerned through these accounts.

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The operations on these accounts shall be governed by the prevailing Exchange Control Regulations and such other directions, rules, regulations or guidelines as the participants may issue or specify from time to time. In the latter case, it will surrender equivalent amount of US dollars or euros or, at the option of the Central Bank, the equivalent in the local link to its own Central Bank for remittance through the ACU mechanism.

Dating in asia union money

The participant receiving the amount will advise the participant in the country concerned to make available the amount in US dollars or euros to the concerned bank in that country. After making the payment, the second participant will advise the Secretary General of the ACU to credit its account by debit to the first participant's account.

In the latter case, it will request that bank to effect the remittance through the ACU mechanism. The correspondent bank will surrender equivalent amount of US dollars or euros to its own Central Bank for remittance.

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The participant receiving the amount will advise the participant in the country concerned to make available the equivalent amount to the concerned bank in that country. The Central Bank may, at its option, make the payment in US dollar or euro or in local currency.

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After making the payment the second participant will advise the Secretary General of the ACU to credit its account by debit to the first participant's account. In the event that the International Monetary Fund does not quote the rates, the last available rate will apply until such rates become available. However, the Board may decide upon a substitute rate if necessary.

The nature and scope of swap arrangement will be as described hereunder: a "Eligibility". Subject to sub-rule d of this Rule, any participant in net deficit ACU dollar and ACU euro accounts collectively at the end of a settlement period shall be eligible to avail of the facility.

Participants whose countries have special payment arrangements between themselves will not be eligible to avail of this facility from each other.

A participant shall not, however, draw more than its net deficit ACU dollar and ACU euro accounts collectively at the end of a settlement period. The drawal by each participant from each other participant shall be in the same proportion as its net deficit ACU dollar and ACU euro accounts collectively bears to its maximum entitlement. The drawal may be effected in a currency US dollar or euro decided by mutual agreement.

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If the rate is not available from British Bankers' Association, the Secretary General shall ascertain it from any dating in asia union money London clearing bank at his discretion and if it is not available from any such bank, the rate of British Bankers' Association applicable for the immediately preceding value date will apply. A participant may draw under the swap arrangement for a period of 2 months at a time.

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Such a participant shall not be entitled to draw under the arrangement at the time of the next following settlement. Interest will be payable by the participants on the net debit balances and receivable on the net credit balances, calculated at the interest rate referred to in Rule 10, on the daily balances outstanding.

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INTEREST: a Interest on the net debit and net credit balance will be calculated by the Clearing Union on the daily outstandings by the product method, taking a year as comprising days and shall be debited or credited to the participants' accounts at the end of each settlement period. The rate of interest applicable for a settlement period will be the closing rate on the first working day of the last week of the previous calendar month offered by the Bank for International Settlements for one month US dollar and euro deposits.

Dating in asia union money

In the event that the Bank for International Settlements does not quote rates for such deposits, the last available rate will apply until such rates become available. Any amount less than USD The participant shall, however, have the right to bring any discrepancy detected in such position to the notice of the Secretary General as soon as possible thereafter for eventual rectification and further settlement if necessary.

Dating in asia union money

Such rectification shall be made at the same rate of exchange at which the original settlement was made.

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