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Rupee Value of Special Currency Basket Revised for USSR Debt

Current · Source: Reserve Bank of India · RBI/2007-08/276 · issued 04 Apr 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.58.3849 (effective March 10, 2008) and Rs.60.5718 (effective March 24, 2008). 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, handles a client's payment for a USSR debt. She checks the date: March 15, 2008. She uses the value Rs.58.3849 (effective from March 10) to calculate the Rupee amount, updates her system, and informs the client about the new rate to ensure the payment is correct.

What changed

The Rupee value of the special currency basket, used for deferred payments under the 1981 and 1985 protocols with the erstwhile USSR, was revised twice. Effective March 10, 2008, the value was set at Rs.58.3849, and from March 24, 2008, it was further revised to Rs.60.5718. This replaces the earlier value of Rs.56.6777 effective from November 29, 2007.

What it means for you

Banks handling transactions under these protocols must apply the updated Rupee values for all settlements from the respective effective dates. The revision reflects changes in the underlying currency basket and impacts the conversion rates for India's debt obligations to the former USSR. AD Category-I banks need to ensure accurate application to avoid discrepancies in payments.

What you must do

Who it affects

AD Category-I banks, Corporate clients with USSR deferred payment obligations, 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 mentioned in this circular?

It is a basket of currencies used to determine the Rupee value for deferred payments under the 1981 and 1985 protocols between India and the erstwhile USSR. RBI periodically revises its Rupee value.

Do I need to apply both new values retrospectively?

Yes, each value applies from its effective date: Rs.58.3849 from March 10, 2008, and Rs.60.5718 from March 24, 2008. Transactions on or after these dates must use the respective rate.

What if my bank already processed payments using the old rate after March 10?

You should review and adjust those transactions to reflect the correct rate, as per the circular's directions. Inform your constituents and make necessary corrections.

📜 Read the original circular — full text as issued by RBI
RBI/2007-08/276 A. P. (DIR Series) Circular No. 35 April 04, 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. 25 dated January 25, 2008 wherein the Rupee value of the special currency basket was indicated as Rs.56.6777 effective from November 29, 2007. 2. AD Category – I banks are advised that further revision has taken place on March 4, 2008 and March 17, 2008 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.58.3849 with effect from March 10, 2008 and Rs.60.5718 with effect from March 24, 2008, respectively. 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 are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Salim Gangadharan) Chief General Manager-in-charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-08/276 · issued 04 Apr 2008. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update your systems with the new Rupee values: Rs.58.3849 from March 10, 2008, and Rs.60.5718 from March 24, 2008.
  • Review past transactions since March 10, 2008, to confirm correct rate application and adjust if needed.
📜 Compliance
  • Inform all relevant constituents, including corporate clients and treasury teams, about the revised rates.
  • Ensure all deferred payment transactions under the protocols use the correct value for the applicable period.
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 USSR deferred payment obligations, Treasury and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised for USSR Debt” is: “Update your systems with the new Rupee values: Rs.58.3849 from March 10, 2008, and Rs.60.5718 from March 24, 2008.” (RBI issued this 04 Apr 2008).

  1. Circular: RBI/2007-08/276 -- Rupee Value of Special Currency Basket Revised for USSR Debt
  2. Issued: 04 Apr 2008
  3. Action required: Update your systems with the new Rupee values: Rs.58.3849 from March 10, 2008, and Rs.60.5718 from March 24, 2008.
  4. Action required: Inform all relevant constituents, including corporate clients and treasury teams, about the revised rates.
  5. Action required: Ensure all deferred payment transactions under the protocols use the correct value for the applicable period.
  6. Action required: Review past transactions since March 10, 2008, to confirm correct rate application and adjust if needed.
  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=4098&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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