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Rupee Value of Special Currency Basket Revised to Rs. 60.4392

Current · Source: Reserve Bank of India · RBI/2008-09/135 · issued 21 Aug 2008 · ~1 min read

Quick answerRBI revised the rupee value of the special currency basket for deferred payment protocols with the erstwhile USSR to Rs. 60.4392, effective August 12, 2008, from the previous Rs. 62.5198.

The rule, in the simplest words

The rupee value of the special currency basket was revised from Rs. 62.5198 to Rs. 60.4392.
This change affects deferred payment protocols between India and the erstwhile USSR.
AD Category-I banks must update their systems and inform constituents about the revised rate.

How it plays out — a real example

A forex & trade-finance officer in Indore, working at a bank that handles deferred payment protocols with the erstwhile USSR, received an update from RBI about the revised rupee value of the special currency basket. She promptly updated the bank's system and informed the concerned constituents, ensuring accurate conversion and reporting for transactions under the protocols.

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

❓ Common questions

Regulatory timeline

Stated effective date effective August 12, 2008
Decoded by BankPulse 2026-06-19 12:48 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?

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.

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

RBI/2008-09/135 

 A. P. (DIR Series) Circular No. 10 

 August 21, 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. 52 dated June 11, 2008 wherein the rupee value of the special currency basket was indicated as Rs.62.5198 effective from May 23, 2008.

 2. AD Category – I banks are advised that a further revision has taken place on August 07, 2008 and accordingly, the rupee value of the special currency basket has been fixed at Rs. 60.4392 with effect from August 12, 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/2008-09/135 · issued 21 Aug 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 with the new basket value of Rs. 60.4392 effective August 12, 2008.

📜 Compliance

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.

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 dealing with deferred payment protocols with the erstwhile USSR), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 60.4392” is: “Update internal systems with the new basket value of Rs. 60.4392 effective August 12, 2008.” (RBI issued this 21 Aug 2008).

Circular: RBI/2008-09/135 -- Rupee Value of Special Currency Basket Revised to Rs. 60.4392
Issued: 21 Aug 2008
Action required: Update internal systems with the new basket value of Rs. 60.4392 effective August 12, 2008.
Action required: Notify all concerned constituents about the revised rate for transactions under the protocols.
Action required: Ensure compliance with FEMA provisions under Sections 10(4) and 11(1) while implementing this change.
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=4428&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.