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Rupee value of special currency basket revised for USSR protocols

Current · Source: Reserve Bank of India · RBI/2006-2007/425 · issued 01 Jun 2007 · ~1 min read

Quick answerRBI revised the rupee value of the special currency basket under India-USSR deferred payment protocols to Rs. 56.8292, effective April 19, 2007. AD Category-I banks must update constituents and use this rate for related transactions.

The rule, in the simplest words

Update internal systems to use the new rupee value of Rs. 56.8292 for transactions under India-USSR deferred payment protocols from April 19, 2007.
Notify all concerned constituents about the revised rate and its effective date.
Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this change.

How it plays out — a real example

As a forex & trade-finance officer in Indore, Rohan updated the internal system to use the new rupee value of Rs. 56.8292 for transactions under India-USSR deferred payment protocols. He then notified all concerned constituents about the revised rate and its effective date, ensuring compliance with FEMA Sections 10(4) and 11(1). This change helped Rohan's bank accurately value outstanding claims and payments linked to these protocols.

What changed

The rupee value of the special currency basket, used for deferred payment protocols between India and the erstwhile USSR, was revised from Rs. 58.6627 (effective October 20, 2006) to Rs. 56.8292, effective April 19, 2007. This revision was communicated via A. P. (DIR Series) Circular No.67 on June 1, 2007.

What it means for you

Banks handling transactions under the 1981 and 1985 deferred payment protocols must apply the new basket rate for all settlements from April 19, 2007 onward. This impacts the valuation of outstanding claims and payments linked to these protocols, requiring updates in systems and customer communications.

What you must do

Update internal systems to reflect the new basket rate of Rs. 56.8292 for transactions effective April 19, 2007.
Notify all concerned constituents about the revised rate and its effective date.
Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this change.

Who it affects

AD Category-I banks, Constituents dealing with India-USSR deferred payment protocol transactions

❓ Common questions

Regulatory timeline

Stated effective date effective April 19, 2007
Decoded by BankPulse 2026-06-19 16:32 IST

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

What is the special currency basket used for?

It is used to value transactions under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR.

When does the new rate become effective?

The revised rate of Rs. 56.8292 is effective from April 19, 2007.

What was the previous rate?

The previous rate was Rs. 58.6627, effective from October 20, 2006, as per an earlier circular.

📜 Read the original circular — full text as issued by RBI

RBI/2006-2007/425 
 A. P. (DIR Series) Circular No.67 
 June 01, 2007 
 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. 23 dated December 18, 2006 , wherein the rupee value of the special currency basket was indicated as Rs. 58.6627 effective from October 20, 2006. 
 2. AD Category - I banks are advised that a further revision has taken place on April 16, 2007 and accordingly, the rupee value of the special currency basket has been fixed at Rs. 56.8292 with effect from April 19, 2007. 
 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,
 (Salim Gangadharan) 
 Chief General Manager

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2006-2007/425 · issued 01 Jun 2007. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

💻 IT / Systems

Update internal systems to reflect the new basket rate of Rs. 56.8292 for transactions effective April 19, 2007.

📜 Compliance

Notify all concerned constituents about the revised rate and its effective date.
Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this change.

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, Constituents dealing with India-USSR deferred payment protocol transactions), your first concrete step on “Rupee value of special currency basket revised for USSR protocols” is: “Update internal systems to reflect the new basket rate of Rs. 56.8292 for transactions effective April 19, 2007.” (RBI issued this 01 Jun 2007).

Circular: RBI/2006-2007/425 -- Rupee value of special currency basket revised for USSR protocols
Issued: 01 Jun 2007
Action required: Update internal systems to reflect the new basket rate of Rs. 56.8292 for transactions effective April 19, 2007.
Action required: Notify all concerned constituents about the revised rate and its effective date.
Action required: Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this change.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
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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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=3562&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.