DGFT - Directorate General of Foreign Trade import licence

application
ACU
Asian Clearing Union (ACU) is the simplest form of payment
arrangements whereby the participants settle payments for
intra-regional transactions among the participating central
banks on a multilateral basis. The main objectives of a clearing
union are to facilitate payments among member countries for
eligible transactions, thereby economizing on the use of foreign
exchange reserves and transfer costs, as well as promoting
trade among the participating countries. The ACU is a clearing
houses/payments arrangements operating in various regions of
the world.
Exchange control manual
EEFC Account
Exchange Earners' Foreign Currency Account (EEFC) is an
account maintained in foreign currency with an Authorised
Dealer i.e. a bank dealing in foreign exchange. It is a facility
provided to the foreign exchange earners, including exporters,
to credit 100 per cent of their foreign exchange earnings to the
account, so that the account holders do not have to convert
foreign exchange into Rupees and vice versa, thereby
minimizing the transaction costs.
A nostro account is one which is held within a foreign
country by a domestic bank, in the currency of the foreign
country.
These accounts are utilised for facilitating the settlements of
Forex and foreign trades.
A vostro account is one which is held within a domestic
country by a foreign bank, in the currency of the domestic
country.
For these accounts the domestic bank is acting like a custodian
or managing the accounts of a foreign counterpart. This is also
known as a loro account.