Rupee Value of Special Currency Basket Revised to Rs 60.5127
No longer current — replaced by A.P. (DIR Series) Circular No. 51/RBI
Source: Reserve Bank of India · RBI/2004-05/310 · issued 23 Dec 2004 · ~1 min read
Quick answerRBI revised the rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to Rs 60.5127, effective November 27, 2004. AD banks must update their systems and inform constituents.
What changed
The rupee value of the special currency basket was revised from the previous value (not specified in source) to Rs 60.5127, with the revision occurring on November 23, 2004, effective from November 27, 2004.
What it means for you
Banks handling transactions under the 1981 and 1985 Deferred Payment Protocols must apply the new basket value for all relevant settlements from November 27, 2004. This impacts the conversion rates for rupee-denominated obligations linked to the special currency basket, requiring system updates and customer notifications.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Update your systems to reflect the new rupee value of Rs 60.5127 for the special currency basket effective November 27, 2004.
Notify all concerned constituents, including corporate clients dealing with deferred payment transactions under the protocols.
Ensure compliance with Sections 10(4) and 11(1) of FEMA, 1999, while processing related transactions.
Who it affects
Authorised Dealer banks handling foreign exchange transactions, Corporate clients with deferred payment obligations under the India-USSR protocols
❓ Common questions
Regulatory timeline
Stated effective dateeffective November 27, 2004
Decoded by BankPulse2026-06-19 21:28 IST
Superseded by — A.P. (DIR Series) Circular No. 51/RBI
Status change: superseded08 Jul 2026, 13:15 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
When does the new rupee value take effect?
The revision took place on November 23, 2004, and the value of Rs 60.5127 is effective from November 27, 2004.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
📜 Read the original circular — full text as issued by RBI
RBI/2004-05/310
A.P. (DIR Series) Circular No.30
December 23, 2004
To
All Banks Authorised to Deal in Foreign Exchange
Madam / Sirs,
Deferred Payment Protocols dated April 30, 1981
and December 23, 1985 between the Government of India and erstwhile USSR
Attention of Authorised Dealer (AD) banks is
invited to A.P.
(DIR Series) Circular No.4 dated July 10, 2004, wherein the rupee value
of the special currency basket was indicated as Rs.58.6989 effective from June
24, 2004.
2. Authorised Dealer banks are advised that
a further revision has taken place on November 23, 2004 and accordingly the
rupee value of the special currency basket has been fixed at Rs.60.5127 with
effect from November 27, 2004.
3. Authorised Dealer banks may bring the contents
of this circular to the notice of their constituents concerned.
4. The direction contained in this circular
has been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management
Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals,
if any, required under any other law.
Yours faithfully,
B.P.Kanungo
General Manager-in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2004-05/310 · issued 23 Dec 2004. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2061&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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