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Rupee Value of Special Currency Basket Revised to Rs. 58.6627

Current · Source: Reserve Bank of India · RBI/2006-07/215 · issued 18 Dec 2006 · ~1 min read
Quick answerRBI has revised the rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to Rs. 58.6627, effective October 20, 2006. AD Category I banks must update their systems and inform constituents.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Indore, Priya, receives a payment from a corporate client for a deferred obligation under the India-USSR protocol. She checks her system and sees the new special currency basket value of Rs. 58.6627, updates the transaction accordingly, and informs the client that the rate changed from the previous Rs. 60.4958, ensuring accurate settlement from October 20, 2006.

What changed

The rupee value of the special currency basket, previously set at Rs. 60.4958 effective May 31, 2006, has been revised to Rs. 58.6627 effective October 20, 2006. This revision took place on October 17, 2006.

What it means for you

This revision impacts the settlement of deferred payment obligations under the 1981 and 1985 protocols with the erstwhile USSR. Banks handling these transactions must use the new rate for all related payments from October 20, 2006, ensuring accurate conversion and compliance.

What you must do

Who it affects

AD Category I banks, Corporate clients with deferred payment obligations under the India-USSR protocols, Treasury and forex operations teams

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What is the special currency basket and why is it revised?

The special currency basket is used to value deferred payment obligations under the 1981 and 1985 protocols between India and the erstwhile USSR. RBI revised its rupee value on October 17, 2006, as per the circular.

📜 Read the original circular — full text as issued by RBI
RBI/2006-07/215 A.P. (DIR Series) Circular No. 23 December 18, 2006 To, All Authorised Dealer Category I Banks Madam / Sir, Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR Attention of Authorised Dealer Category I (AD Category I) banks is invited to A. P. (DIR Series) Circular No. 01 dated July 6, 2006 , wherein the rupee value of the special currency basket was indicated as Rs. 60.4958 effective from May 31, 2006. 2. AD Category I banks are advised that a further revision has taken place on October 17, 2006 and accordingly, the rupee value of the special currency basket has been fixed at Rs. 58.6627 with effect from October 20, 2006. 3. AD Category I banks may bring the contents of this circular to the notice of their constituents concerned. 4. The directions contained in this circular have 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, (M. Sebastian) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2006-07/215 · issued 18 Dec 2006. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
🏦 Branch Manager
  • Notify all concerned constituents, including corporate clients and branches, about the revised rate.
💻 IT / Systems
  • Update internal systems and records with the new special currency basket value of Rs. 58.6627 effective October 20, 2006.
📜 Compliance
  • Ensure all deferred payment transactions under the protocols use the updated rate from the effective date.
  • Maintain documentation of the circular for audit and compliance purposes.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (AD Category I banks, Corporate clients with deferred payment obligations under the India-USSR protocols, Treasury and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 58.6627” is: “Update internal systems and records with the new special currency basket value of Rs. 58.6627 effective October 20, 2006.” (RBI issued this 18 Dec 2006).

  1. Circular: RBI/2006-07/215 -- Rupee Value of Special Currency Basket Revised to Rs. 58.6627
  2. Issued: 18 Dec 2006
  3. Action required: Update internal systems and records with the new special currency basket value of Rs. 58.6627 effective October 20, 2006.
  4. Action required: Notify all concerned constituents, including corporate clients and branches, about the revised rate.
  5. Action required: Ensure all deferred payment transactions under the protocols use the updated rate from the effective date.
  6. Action required: Maintain documentation of the circular for audit and compliance purposes.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3214&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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