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Rupee Value of Special Currency Basket Revised to Rs.62.5198

Current · Source: Reserve Bank of India · RBI/2007-08/361 · issued 11 Jun 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.62.5198, effective May 23, 2008. This replaces the earlier value of Rs.60.5828 set on May 13, 2008.

The rule, in the simplest words

The RBI changed the value of a special basket of foreign money used for old deals with the former USSR (a country that no longer exists) from Rs.60.5828 to Rs.62.5198.
This new value starts on May 23, 2008, and replaces the old value that was set on May 13, 2008.
Banks that are allowed to deal in foreign money (AD Category-I banks) must update their computer systems and tell their customers about this new value.
When processing payments under these old deals, banks must follow the rules in the Foreign Exchange Management Act (FEMA), specifically sections 10(4) and 11(1).

How it plays out — a real example

A forex & trade-finance officer in Indore, Priya, is processing a payment for a client who exports goods under a trade deal with the former USSR. She checks her bank's system and sees the old basket value of Rs.60.5828, but remembers the RBI circular says the new value is Rs.62.5198 from May 23, 2008. She updates the system immediately to ensure the client's payment is calculated correctly and avoids any reporting errors.

What changed

The rupee value of the special currency basket under the Deferred Payment Protocols between India and the erstwhile USSR was revised from Rs.60.5828 to Rs.62.5198, effective May 23, 2008. This update follows a previous revision on May 13, 2008, and reflects a further change as of May 20, 2008.

What it means for you

For AD Category-I banks, this revision impacts the valuation of transactions under the Deferred Payment Protocols, affecting settlements with constituents involved in trade or payments linked to the erstwhile USSR. Banks must update their systems to reflect the new basket value for accurate processing and reporting.

What you must do

Update internal systems and records to reflect the new rupee value of Rs.62.5198 for the special currency basket effective May 23, 2008.
Inform all relevant constituents, including corporate clients and trade finance desks, about the revised basket value.
Ensure compliance with FEMA provisions under Sections 10(4) and 11(1) while processing transactions under these protocols.

Who it affects

AD Category-I banks, Constituents involved in trade or payments under Deferred Payment Protocols with the erstwhile USSR

❓ Common questions

Regulatory timeline

Stated effective date effective May 23, 2008
Decoded by BankPulse 2026-06-19 13:51 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 under the Deferred Payment Protocols between the Government of India and the erstwhile USSR to determine the rupee value for settlements.

When does the new rupee value of Rs.62.5198 take effect?

The revised value is effective from May 23, 2008, based on a change that occurred on May 20, 2008.

Do I need to take any action if I am not an AD Category-I bank?

This circular directly applies to AD Category-I banks, but they are required to notify their constituents. If you are a client of such a bank, your bank should inform you of the change.

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

RBI/2007-08/361 

 A. P. (DIR Series) Circular No. 52 

 June 11, 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. 51 dated June 3, 2008 wherein the rupee value of the special currency basket was indicated as Rs.60.5828 effective from May 13, 2008.

 2. AD Category – I banks are advised that a further revision has taken place on May 20, 2008 and accordingly, the rupee value of the special currency basket has been fixed at Rs.62.5198 with effect from May 23, 2008.

 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-in-Charge

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-08/361 · issued 11 Jun 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 and records to reflect the new rupee value of Rs.62.5198 for the special currency basket effective May 23, 2008.

📜 Compliance

Inform all relevant constituents, including corporate clients and trade finance desks, about the revised basket value.
Ensure compliance with FEMA provisions under Sections 10(4) and 11(1) while processing transactions under these protocols.

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 involved in trade or payments under Deferred Payment Protocols with the erstwhile USSR), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.62.5198” is: “Update internal systems and records to reflect the new rupee value of Rs.62.5198 for the special currency basket effective May 23, 2008.” (RBI issued this 11 Jun 2008).

Circular: RBI/2007-08/361 -- Rupee Value of Special Currency Basket Revised to Rs.62.5198
Issued: 11 Jun 2008
Action required: Update internal systems and records to reflect the new rupee value of Rs.62.5198 for the special currency basket effective May 23, 2008.
Action required: Inform all relevant constituents, including corporate clients and trade finance desks, about the revised basket value.
Action required: Ensure compliance with FEMA provisions under Sections 10(4) and 11(1) while processing transactions under these protocols.
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=4230&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.