Rupee Value of Special Currency Basket Revised to Rs. 64.9196
Current · Source: Reserve Bank of India · RBI/2008-09/333 · issued 26 Dec 2008 · ~1 min read
Quick answerRBI revised the rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to Rs. 64.9196, effective November 19, 2008, updating the previous rate of Rs. 62.5050.
The rule, in the simplest words
The special currency basket value is now Rs. 64.9196 (instead of Rs. 62.5050).
The new rate starts on November 19, 2008.
AD Category‑I banks (banks authorised to deal in foreign exchange) must update their computer systems and tell their customers about the new rate for the India‑USSR deferred‑payment agreements dated April 30, 1981 and December 23, 1985.
While making these changes, banks must follow FEMA Sections 10(4) and 11(1) (rules under the Foreign Exchange Management Act).
How it plays out — a real example
Rohit, a foreign‑exchange officer at State Bank of India in Mumbai, reads the RBI circular, changes the system setting to Rs. 64.9196, and then sends a friendly email to his corporate clients explaining the updated basket rate for their pending India‑USSR payment contracts, ensuring everything complies with FEMA rules.
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
❓ Common questions
Regulatory timeline
Stated effective dateeffective November 19, 2008
Decoded by BankPulse2026-06-19 11:20 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 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.
📜 Read the original circular — full text as issued by RBI
RBI/2008-09/333
A. P. (DIR Series) Circular No. 44
December 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. 38 dated December 04, 2008 wherein the rupee value of the special currency basket was indicated as Rs. 62.5050 effective from November 10, 2008.
2. AD Category – I banks are advised that a further revision has taken place on November 14, 2008 and accordingly, the rupee value of the special currency basket has been fixed at Rs. 64.9196 with effect from November 19, 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,
(D. Mishra)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/333 · issued 26 Dec 2008. The plain-English explanation above is BankPulse’s own independent summary.
Update internal systems with the new special currency basket rate of Rs. 64.9196 effective November 19, 2008.
📜 Compliance
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.
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 transactions under the India-USSR protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 64.9196” is: “Update internal systems with the new special currency basket rate of Rs. 64.9196 effective November 19, 2008.” (RBI issued this 26 Dec 2008).
Circular: RBI/2008-09/333 -- Rupee Value of Special Currency Basket Revised to Rs. 64.9196
Issued: 26 Dec 2008
Action required: Update internal systems with the new special currency basket rate of Rs. 64.9196 effective November 19, 2008.
Action required: Notify all concerned constituents about the revised rate for transactions under the Deferred Payment Protocols.
Action required: Ensure compliance with FEMA 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.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
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=4719&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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