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What (who) is Asian Clearing Union - definition
INTERNATIONAL TRADE ORGANIZATION
Asian Clearing Union
The ACU promotes regional trade and economic cooperation, including arrangements to conserve foreign exhcange and encourage domestic currencies in trade. Members include Bangladesh, India, Iran, Myanmar, Nepal, Pakistan, and Sri Lanka; Bhutan, Malaysia,
Cheque clearing
PROCESS OF EXCHANGING A CHEQUE FOR ITS FUNDS
Cheque clearing (version 2); Bankers' clearing house; Bankers' Clearing House
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system. This process is called the clearing cycle and normally results in a credit to the account at the bank of deposit, and an equivalent debit to the account at the bank on which it was drawn, with a corresponding adjustment of accounts of the banks themselves.
International Clearing Union
NON-EXISTENT CURRENCY REGULATORY INSTITUTION PROPOSED IN 1944
Clearing-union; Plan for an International Clearing Union
The International Clearing Union (ICU) was one of the institutions proposed to be set up at the 1944 United Nations Monetary and Financial Conference at Bretton Woods, New Hampshire, in the United States, by British economist John Maynard Keynes. Its aim was to establish regulation of currency exchange, a role eventually taken by the International Monetary Fund (IMF).
Wikipedia
Asian Clearing Union
The Asian Clearing Union (ACU) was established on December 9, 1974, at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The primary objective of ACU, at the time of its establishment, was to secure regional co-operation regarding the clearing of eligible monetary transactions among the members of the Union to provide a system for clearing payments among the member countries on a multilateral basis.
Examples of use of Asian Clearing Union
1. They can trade in rupees, being members of the Asian Clearing Union, and that saves millions in dollars.