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Rupee Value of Special Currency Basket Revised to Rs 58.6670

Current · Source: Reserve Bank of India · RBI/2007-2008/290 · issued 22 Apr 2008 · ~2 min read

Quick answerRBI revised the rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to Rs 58.6670, effective April 7, 2008, replacing the earlier value of Rs 60.5718.

The rule, in the simplest words

The RBI revised the rupee value of the special currency basket to Rs 58.6670, effective April 7, 2008.
This change affects the conversion rates for payments and settlements under the Deferred Payment Protocols between India and the USSR.
A stronger rupee means importers or borrowers may have a lower rupee outlay for related transactions.

How it plays out — a real example

As a forex & trade-finance officer in Indore, Rohan needs to convert a payment from the USSR to rupees. With the new rupee value of the special currency basket, he can offer a better exchange rate to his clients, making their gold loans more attractive and increasing business for the bank.

What changed

The rupee value of the special currency basket, used for deferred payment arrangements between India and the erstwhile USSR, was revised downward from Rs 60.5718 to Rs 58.6670. This change took effect from April 7, 2008, following a revision on April 2, 2008.

What it means for you

For banks handling transactions under the Deferred Payment Protocols, this revision directly impacts the conversion rates for related payments and settlements. The lower rupee value means a stronger rupee against the basket, potentially reducing the rupee outlay for importers or borrowers under these protocols.

What you must do

Update internal systems and records with the new basket value of Rs 58.6670 effective April 7, 2008.
Inform all concerned constituents, including corporate clients dealing with deferred payment transactions under the India-USSR protocols.
Ensure compliance with FEMA provisions (Sections 10(4) and 11(1)) while applying the revised rate.

Who it affects

Authorised Dealer Category-I banks, Corporate clients with deferred payment obligations under India-USSR protocols, Constituents involved in trade settlements linked to the special currency basket

❓ Common questions

Regulatory timeline

Stated effective date effective April 7, 2008
Decoded by BankPulse 2026-06-19 14:16 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 referenced 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 under protocols signed in 1981 and 1985.

When does the new rupee value of Rs 58.6670 become effective?

The revised value is effective from April 7, 2008, as per the revision that took place on April 2, 2008.

Do I need to take any action if my bank does not handle these protocols?

If your bank is an AD Category-I bank, you must still bring the circular to the notice of any constituents who may be affected, even if your bank has no direct exposure.

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

RBI/2007-2008/290
A.P. 
(DIR Series) Circular No.38
 April 22, 2008

 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.35 dated April 4, 2008 wherein the rupee value of the 
special currency basket was indicated as Rs.60.5718 effective from March 24, 2008.
 2. 
A.D. Category - I banks are advised that a further revision has taken place on 
April 2, 2008 and accordingly, the rupee value of the special currency basket 
has been fixed at Rs.58.6670 with effective from April 7, 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 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/2007-2008/290 · issued 22 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 internal systems and records with the new basket value of Rs 58.6670 effective April 7, 2008.

📜 Compliance

Inform all concerned constituents, including corporate clients dealing with deferred payment transactions under the India-USSR protocols.
Ensure compliance with FEMA provisions (Sections 10(4) and 11(1)) while applying the revised rate.

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 (Authorised Dealer Category-I banks, Corporate clients with deferred payment obligations under India-USSR protocols, Constituents involved in trade settlements linked to the special currency basket), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs 58.6670” is: “Update internal systems and records with the new basket value of Rs 58.6670 effective April 7, 2008.” (RBI issued this 22 Apr 2008).

Circular: RBI/2007-2008/290 -- Rupee Value of Special Currency Basket Revised to Rs 58.6670
Issued: 22 Apr 2008
Action required: Update internal systems and records with the new basket value of Rs 58.6670 effective April 7, 2008.
Action required: Inform all concerned constituents, including corporate clients dealing with deferred payment transactions under the India-USSR protocols.
Action required: Ensure compliance with FEMA provisions (Sections 10(4) and 11(1)) while applying the revised rate.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4136&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.