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Rupee Value of Special Currency Basket Revised to Rs.63.0186

Current · Source: Reserve Bank of India · RBI/2008-09/195 · issued 26 Sep 2008 · ~2 min read
Quick answerRBI has revised the rupee value of the special currency basket for deferred payment protocols with the erstwhile USSR to Rs.63.0186, effective September 17, 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

Priya Mehta, an authorised dealer officer at the trade‑finance desk of ICICI Bank in Mumbai, receives the circular, updates the bank's FX system to Rs.63.0186, emails corporate clients with pending USSR‑related payments to tell them about the change, and carefully checks all August‑September trades to ensure the correct rate is applied.

What changed

The rupee value of the special currency basket under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between India and the erstwhile USSR was revised from Rs.60.4392 (effective August 12, 2008) to Rs.63.0186, effective September 17, 2008. This revision was communicated via A.P. (DIR Series) Circular No. 18 dated September 26, 2008.

What it means for you

For banks handling deferred payment transactions under these protocols, the new basket value impacts the rupee equivalent of payments due. Lenders must ensure accurate conversion and settlement for trade-related obligations with entities linked to the erstwhile USSR. This change reflects currency fluctuations in the basket and requires immediate operational adjustment.

What you must do

Who it affects

AD Category-I banks, Trade finance departments, Corporate clients with deferred payment obligations to the erstwhile USSR, Constituents involved in India-USSR protocol trade

❓ 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 referenced 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 this value based on exchange rate movements.

When does the new value of Rs.63.0186 take effect?

The revised value is effective from September 17, 2008, as per the circular dated September 26, 2008. Transactions on or after this date must use the new rate.

Do we need to adjust past transactions?

The circular does not specify retroactive adjustments. However, banks should ensure that any transactions between August 12 and September 17, 2008 are correctly recorded using the applicable rate for that period.

📜 Read the original circular — full text as issued by RBI
RBI/2008-09/195 A.P. (DIR Series) Circular No. 18 September 26, 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. 10 dated August 21, 2008 wherein the rupee value of the special currency basket was indicated as Rs. 60.4392 effective from August 12, 2008. 2. AD Category – I banks are advised that a further revision has taken place on September 12, 2008 and accordingly, the rupee value of the special currency basket has been fixed at Rs.63.0186 with effect from September 17, 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/2008-09/195 · issued 26 Sep 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 special currency basket value of Rs.63.0186 effective September 17, 2008.
📜 Compliance
  • Notify all concerned constituents, including corporate clients and trade finance desks, about the revised rate.
  • Ensure all deferred payment transactions under the 1981 and 1985 protocols are processed using the updated value from the effective date.
  • Review and reconcile any transactions between August 12 and September 17, 2008 to apply the correct 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 (AD Category-I banks, Trade finance departments, Corporate clients with deferred payment obligations to the erstwhile USSR, Constituents involved in India-USSR protocol trade), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.63.0186” is: “Update internal systems and records with the new special currency basket value of Rs.63.0186 effective September 17, 2008.” (RBI issued this 26 Sep 2008).

  1. Circular: RBI/2008-09/195 -- Rupee Value of Special Currency Basket Revised to Rs.63.0186
  2. Issued: 26 Sep 2008
  3. Action required: Update internal systems and records with the new special currency basket value of Rs.63.0186 effective September 17, 2008.
  4. Action required: Notify all concerned constituents, including corporate clients and trade finance desks, about the revised rate.
  5. Action required: Ensure all deferred payment transactions under the 1981 and 1985 protocols are processed using the updated value from the effective date.
  6. Action required: Review and reconcile any transactions between August 12 and September 17, 2008 to apply the correct rate.
  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=4506&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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