What changed
The rupee value of the special currency basket was revised from Rs. 62.5050 (effective November 10, 2008) to Rs. 64.9196, effective November 19, 2008. This change applies to the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR.
What it means for you
AD Category-I banks must update their systems and inform constituents about the new basket rate for transactions under these protocols. The revision reflects currency fluctuations and impacts the rupee-denominated value of deferred payments linked to the basket.
What you must do
- Update internal systems with the new special currency basket rate of Rs. 64.9196 effective November 19, 2008.
- Notify all concerned constituents about the revised rate for transactions under the Deferred Payment Protocols.
- Ensure compliance with FEMA Sections 10(4) and 11(1) while implementing this change.
Who it affects
AD Category-I banks, Constituents dealing with deferred payment transactions under the India-USSR protocols
What is the special currency basket used for?
It is used to determine the rupee value for deferred payment transactions under the 1981 and 1985 protocols between India and the erstwhile USSR.
When does the new rate of Rs. 64.9196 take effect?
The revised rate is effective from November 19, 2008, as per the circular dated December 26, 2008.