Rupee Value of Special Currency Basket Revised to Rs.54.9580
Current · Source: Reserve Bank of India · RBI/2006-2007/430 · issued 07 Jun 2007 · ~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.54.9580, effective May 3, 2007. AD Category-I banks must update their systems and inform constituents.
The rule, in the simplest words
The rupee value of a special group of currencies [a set of important foreign currencies] has been changed to Rs.54.9580
This change affects how banks value certain old debts [deferred payment obligations] with the former USSR
Banks must update their computer systems and tell their customers about this change
Banks must follow the new rules to comply with the law [Foreign Exchange Management Act, FEMA]
How it plays out — a real example
A foreign exchange manager at a bank in Mumbai must update the bank's systems to reflect the new rupee value of the special currency basket, and then inform all the bank's customers who have dealings under the old India-USSR protocols, so they can adjust their accounts accordingly. This ensures the bank and its customers are following the new rules. The manager will also need to review the bank's reporting to make sure it is accurate under the new valuation.
What changed
The rupee value of the special currency basket was revised from Rs.56.8292 (effective April 19, 2007) to Rs.54.9580, effective May 3, 2007. The revision took place on April 26, 2007, and was communicated via this circular dated June 7, 2007.
What it means for you
This change impacts the valuation of deferred payment obligations under the 1981 and 1985 protocols with the erstwhile USSR. Banks must adjust their accounting and reporting for related transactions to reflect the new basket value.
What you must do
Update internal systems with the new special currency basket value of Rs.54.9580 effective May 3, 2007.
Inform all relevant constituents about the revised rupee value for transactions under the Deferred Payment Protocols.
Ensure compliance with FEMA sections 10(4) and 11(1) as per the directions in this circular.
Who it affects
AD Category-I banks, Constituents dealing with deferred payment transactions under the India-USSR protocols
❓ Common questions
Regulatory timeline
Stated effective dateeffective May 3, 2007
Decoded by BankPulse2026-06-19 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 determine the rupee value for deferred payment obligations under the 1981 and 1985 protocols between India and the erstwhile USSR.
When does the new value take effect?
The revised value of Rs.54.9580 is effective from May 3, 2007.
📜 Read the original circular — full text as issued by RBI
RBI/2006-2007/430
A.P. (DIR Series) Circular No.70
June 7, 2007.
To
All Authorised Dealer Category - I Banks
Madam / Sirs,
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. 67 dated June 01, 2007 , wherein the rupee value of the special currency basket was indicated as Rs.56.8292 effective from April 19, 2007.
2. AD Category-I banks are advised that a further revision has taken place on April 26, 2007 and accordingly, the rupee value of the special currency basket has been fixed at Rs.54.9580 with effect from May 03, 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 (FEMA), 1999 (42 of 1999) and are 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/2006-2007/430 · issued 07 Jun 2007. The plain-English explanation above is BankPulse’s own independent summary.
Update internal systems with the new special currency basket value of Rs.54.9580 effective May 3, 2007.
📜 Compliance
Inform all relevant constituents about the revised rupee value for transactions under the Deferred Payment Protocols.
Ensure compliance with FEMA sections 10(4) and 11(1) as per the directions in this circular.
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 deferred payment transactions under the India-USSR protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.54.9580” is: “Update internal systems with the new special currency basket value of Rs.54.9580 effective May 3, 2007.” (RBI issued this 07 Jun 2007).
Circular: RBI/2006-2007/430 -- Rupee Value of Special Currency Basket Revised to Rs.54.9580
Issued: 07 Jun 2007
Action required: Update internal systems with the new special currency basket value of Rs.54.9580 effective May 3, 2007.
Action required: Inform all relevant constituents about the revised rupee value for transactions under the Deferred Payment Protocols.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) as per the directions in this circular.
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.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
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=3580&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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