Competitive Exams: Current Affairs 2011: ACU

ACU (Asian Clearing Union)

  • In a move that is being seen worldwide as an example of India succumbing to American pressure, the Reserve Bank of India has barred companies from using the Asian Clearing Union (ACU) to process current account transactions for oil and gas imports a decision that directly hits at Indian energy imports from Iran.

  • ACU headquarters in Tehran, Iran, was established on December 9, 1974

  • To secure regional co-operation as regards the settlement of monetary transactions among the members of the Union and to provide a system for clearing payments among the member countries on a multilateral basis.

  • Members: 9 as of 2009 members of ACU are the central banks of Bangladesh, Bhutan, Iran, India, Maldives, Nepal, Pakistan, Sri Lanka, and Myanmar (SAARC-1 + 2).

Courtesy: The Hindu and Times of India