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Rupee Value of Special Currency Basket Revised to Rs. 65.4398

Current · Source: Reserve Bank of India · RBI/2008-09/236 · issued 30 Apr 1981 · ~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. 65.4398, effective September 23, 2008. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The RBI changed the value of a special currency basket (a mix of currencies used for old trade deals with the former USSR) from Rs. 63.0186 to Rs. 65.4398.
This new value must be used starting September 23, 2008, for all payments under the 1981 and 1985 trade agreements with the former USSR.
Banks must update their computer systems and tell their customers about this new rate.
Banks must follow FEMA rules (India's foreign exchange law) when making this change.

How it plays out — a real example

A forex & trade-finance officer in Indore is processing a payment for a client who still owes money from a trade deal with the former USSR made in 1985. The officer checks the RBI circular and sees the special currency basket value is now Rs. 65.4398, so she updates her system and informs the client that their payment amount will be calculated using this new rate from September 23, 2008.

What changed

The rupee value of the special currency basket, previously set at Rs. 63.0186 effective September 17, 2008, has been revised to Rs. 65.4398 effective September 23, 2008. This revision took place on September 18, 2008, and was communicated via this circular dated October 16, 2008.

What it means for you

Banks handling deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR must use the new basket value for settlements from September 23, 2008. This change impacts the conversion rates for related trade and debt payments, potentially affecting cash flows and reporting.

What you must do

Update internal systems and exchange rate feeds with the new basket value of Rs. 65.4398 effective September 23, 2008.
Notify all concerned constituents, including corporate clients involved in deferred payment transactions with the erstwhile USSR.
Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this revision.

Who it affects

AD Category-I banks handling deferred payment protocols, Corporate clients with trade or debt obligations under the 1981/1985 protocols with the erstwhile USSR

❓ Common questions

Regulatory timeline

Stated effective date effective September 23, 2008
Decoded by BankPulse 2026-06-19 11:59 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 and why was its value revised?

The special currency basket is used to determine the rupee value for deferred payment transactions under protocols between India and the erstwhile USSR. The revision reflects changes in underlying currency exchange rates, as determined by RBI.

From which date is the new basket value effective?

The new rupee value of Rs. 65.4398 is effective from September 23, 2008, as per the revision made on September 18, 2008.

Do we need to adjust past transactions settled before September 23, 2008?

No, the circular applies prospectively from the effective date. Transactions settled before September 23, 2008, should use the earlier value of Rs. 63.0186.

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

RBI/2008-09/236 

 A.P. (DIR Series) Circular No. 24 

 October 16 , 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. 18 dated September 26, 2008 wherein the rupee value of the special currency basket was indicated as Rs. 63.0186 effective from September 17, 2008.

 2. AD Category – I banks are advised that a further revision has taken place on September 18, 2008 and accordingly, the rupee value of the special currency basket has been fixed at Rs. 65.4398 with effect from September 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/2008-09/236 · issued 30 Apr 1981. 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 exchange rate feeds with the new basket value of Rs. 65.4398 effective September 23, 2008.

📜 Compliance

Notify all concerned constituents, including corporate clients involved in deferred payment transactions with the erstwhile USSR.
Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this revision.

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 handling deferred payment protocols, Corporate clients with trade or debt obligations under the 1981/1985 protocols with the erstwhile USSR), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 65.4398” is: “Update internal systems and exchange rate feeds with the new basket value of Rs. 65.4398 effective September 23, 2008.” (RBI issued this 30 Apr 1981).

Circular: RBI/2008-09/236 -- Rupee Value of Special Currency Basket Revised to Rs. 65.4398
Issued: 30 Apr 1981
Action required: Update internal systems and exchange rate feeds with the new basket value of Rs. 65.4398 effective September 23, 2008.
Action required: Notify all concerned constituents, including corporate clients involved in deferred payment transactions with the erstwhile USSR.
Action required: Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this revision.
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=4547&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.