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.
What you must do
- 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
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.