What changed
The rupee value of the special currency basket, used for deferred payment protocols between India and the erstwhile USSR, was revised downward from Rs. 62.5198 to Rs. 60.4392. This change took effect from August 12, 2008, based on a revision on August 7, 2008.
What it means for you
This revision impacts the valuation of transactions under the deferred payment protocols, affecting banks handling related settlements. AD Category-I banks must update their systems and inform constituents to ensure accurate conversion and reporting.
What you must do
- Update internal systems with the new basket value of Rs. 60.4392 effective August 12, 2008.
- Notify all concerned constituents about the revised rate for transactions under the protocols.
- Ensure compliance with FEMA provisions under Sections 10(4) and 11(1) while implementing this change.
Who it affects
AD Category-I banks, Constituents dealing with deferred payment protocols with the erstwhile USSR
What is the special currency basket?
It is a basket of currencies used to value deferred payment protocols between India and the erstwhile USSR, with its rupee value periodically revised by RBI.
When does the new value take effect?
The revised rupee value of Rs. 60.4392 is effective from August 12, 2008.
Do I need to report this change to RBI?
No separate reporting is required, but you must bring the circular to the notice of your constituents and ensure compliance with FEMA directions.