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Rupee Value of Special Currency Basket Revised to Rs 62.5050

Current · Source: Reserve Bank of India · RBI/2008-09/306 · issued 04 Dec 2008 · ~1 min read
Quick answerRBI has revised the rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR from Rs 65.4398 to Rs 62.5050, effective November 10, 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

A forex & trade-finance officer in Indore, Priya, receives a payment from a client under the old USSR agreement. She checks the RBI circular and updates her bank's system to use the new basket value of Rs 62.5050 from November 10, 2008, ensuring the client's payment is calculated correctly and informing them of the change.

What changed

The rupee value of the special currency basket, used for deferred payment arrangements with the former USSR, was revised from Rs 65.4398 (effective September 23, 2008) to Rs 62.5050, effective November 10, 2008. This revision was made on November 5, 2008, and communicated via this circular.

What it means for you

Banks handling transactions under the Deferred Payment Protocols must use the new basket value for all settlements from November 10, 2008. This change impacts the conversion rates for payments related to these bilateral agreements, potentially affecting cash flows and reporting for lenders dealing with such legacy arrangements.

What you must do

Who it affects

AD Category-I banks handling deferred payment transactions with the erstwhile USSR, Corporate clients with outstanding obligations under the Deferred Payment Protocols

❓ 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 mentioned in this circular?

It is a basket of currencies used to determine the rupee value for payments under the Deferred Payment Protocols signed between India and the erstwhile USSR in 1981 and 1985.

When does the new rupee value of Rs 62.5050 become effective?

The revised value is effective from November 10, 2008, as per the revision that took place on November 5, 2008.

📜 Read the original circular — full text as issued by RBI
RBI/2008-09/306 A. P. (DIR Series) Circular No. 38 December 04, 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. 24 dated October 16, 2008 wherein the rupee value of the special currency basket was indicated as Rs. 65.4398 effective from September 23, 2008. 2. AD Category – I banks are advised that a further revision has taken place on November 05, 2008 and accordingly, the rupee value of the special currency basket has been fixed at Rs. 62.5050 with effect from November 10, 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/2008-09/306 · issued 04 Dec 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 reference rates to reflect the new basket value of Rs 62.5050 from November 10, 2008.
📜 Compliance
  • Notify all concerned constituents, including corporate clients, about the revised rate for transactions under the Deferred Payment 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 handling deferred payment transactions with the erstwhile USSR, Corporate clients with outstanding obligations under the Deferred Payment Protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs 62.5050” is: “Update internal systems and reference rates to reflect the new basket value of Rs 62.5050 from November 10, 2008.” (RBI issued this 04 Dec 2008).

  1. Circular: RBI/2008-09/306 -- Rupee Value of Special Currency Basket Revised to Rs 62.5050
  2. Issued: 04 Dec 2008
  3. Action required: Update internal systems and reference rates to reflect the new basket value of Rs 62.5050 from November 10, 2008.
  4. Action required: Notify all concerned constituents, including corporate clients, about the revised rate for transactions under the Deferred Payment Protocols.
  5. Action required: Ensure compliance with FEMA provisions under Sections 10(4) and 11(1) while implementing this change.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. 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=4681&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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