| Consider the following regarding the international organisation Asian Clearing Union: |
| 1. Asian Clearing Union was established in 1975 with a view to provide the clearing facilities in current international transactions among Asian countries. |
| 2. Initially India, Pakistan, Bangladesh, Nepal, Sri Lanka, and Iran were its members. |
| 3. Myanmar also joined it in 1977. |
| Which of these statements is/are correct? |
A) Only 1 and 2
B) Only 2 and 3
C) Only 1 and 3
D) All 1, 2 and 3
Correct Answer: D
Solution :
[d] The Asian Clearing Union (ACU) was established with its head-quarters at Tehran, Iran, on December 9, 1974 at the initiative of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), for promoting regional co-operation. The main objective of the clearing union is to facilitate payments among member countries for eligible transactions on a multilateral basis, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade among the participating countries. The Central Banks and the Monetary Authorities of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are currently the members of the ACU.
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