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Rupee Value of Special Currency Basket Revised to Rs. 56.6777

Current · Source: Reserve Bank of India · RBI/2007-08/228 · issued 25 Jan 2008 · ~2 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. 56.6777, effective November 29, 2007. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The RBI changed the value of a special currency basket (a mix of currencies used for old payments between India and the former USSR) from Rs. 54.9580 to Rs. 56.6777.
This new value must be used for all payments under the old agreements starting November 29, 2007.
Banks that handle foreign exchange (AD Category-I banks) must update their computer systems and tell their customers about the new rate.
Banks must check past payments made after November 29, 2007, to make sure they used the correct new value.

How it plays out — a real example

A forex & trade-finance officer in Indore, while processing a client's payment under the old India-USSR trade agreement, checks the RBI circular and updates the system to use Rs. 56.6777 for the special currency basket. She then calls the client to explain the new rate and ensures all transactions from November 29, 2007, are correctly recalculated, avoiding any errors in the settlement.

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. 54.9580 (effective May 3, 2007) to Rs. 56.6777, effective November 29, 2007. This revision was communicated via A. P. (DIR Series) Circular No. 25 dated January 25, 2008.

What it means for you

Banks handling transactions under these protocols must apply the new basket value for settlements from the effective date. The change reflects adjustments in the underlying currency composition, impacting the rupee equivalent of outstanding payments. Lenders should ensure accurate conversion and reporting to avoid discrepancies.

What you must do

Update internal systems to reflect the revised basket value of Rs. 56.6777 from November 29, 2007.
Notify all concerned constituents, including corporate clients, about the new rate for transactions under the deferred payment protocols.
Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this revision.
Review past transactions since November 29, 2007, to confirm correct application of the updated value.

Who it affects

AD Category-I banks handling deferred payment protocol transactions, Corporate clients with outstanding payments under India-USSR protocols, RBI's foreign exchange monitoring divisions

❓ Common questions

Regulatory timeline

Stated effective date effective November 29, 2007
Decoded by BankPulse 2026-06-19 14:40 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 mentioned in this circular?

It is a basket of currencies used to determine the rupee value for deferred payment transactions between India and the erstwhile USSR, as per protocols dated April 30, 1981 and December 23, 1985.

When does the revised rupee value take effect?

The new value of Rs. 56.6777 is effective from November 29, 2007, as per the revision that took place on November 26, 2007.

What should banks do if they have already processed transactions at the old rate after November 29, 2007?

Banks should review such transactions and adjust them to reflect the correct basket value, ensuring compliance with the circular's effective date.

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

RBI/2007-08/228 

 A. P. (DIR Series) Circular No. 25 

 January 25, 2008 

 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. 70 dated June 07, 2007 , wherein the rupee value of the special currency basket was indicated as Rs. 54.9580 effective from May 03, 2007.  

 2. AD Category - I banks are advised that a further revision has taken place on November 26, 2007 and accordingly, the rupee value of the special currency basket has been fixed at Rs. 56.6777 with effect from November 29, 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/2007-08/228 · issued 25 Jan 2008. 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 revised basket value of Rs. 56.6777 from November 29, 2007.
Review past transactions since November 29, 2007, to confirm correct application of the updated value.

📜 Compliance

Notify all concerned constituents, including corporate clients, about the new rate for transactions under the deferred payment protocols.
Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this revision.

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 handling deferred payment protocol transactions, Corporate clients with outstanding payments under India-USSR protocols, RBI's foreign exchange monitoring divisions), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 56.6777” is: “Update internal systems to reflect the revised basket value of Rs. 56.6777 from November 29, 2007.” (RBI issued this 25 Jan 2008).

Circular: RBI/2007-08/228 -- Rupee Value of Special Currency Basket Revised to Rs. 56.6777
Issued: 25 Jan 2008
Action required: Update internal systems to reflect the revised basket value of Rs. 56.6777 from November 29, 2007.
Action required: Notify all concerned constituents, including corporate clients, about the new rate for transactions under the deferred payment protocols.
Action required: Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this revision.
Action required: Review past transactions since November 29, 2007, to confirm correct application of the updated value.
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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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4025&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.