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Rupee Value of Special Currency Basket Revised to Rs. 67.0394

Current · Source: Reserve Bank of India · RBI/2008-09/336 · issued 02 Jan 2009 · ~2 min read

Quick answerRBI revised the rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to Rs. 67.0394, effective December 23, 2008, up from Rs. 64.9196. 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. 64.9196 to Rs. 67.0394.
This new value must be used for all transactions starting December 23, 2008.
Banks that handle foreign exchange (AD Category-I banks) must update their computer systems and tell their customers about this change.
Banks must follow the Foreign Exchange Management Act (FEMA) rules when making this change.

How it plays out — a real example

A forex & trade-finance officer in Indore receives a payment from a customer under an old trade deal with the former USSR. On December 23, 2008, she uses the new basket value of Rs. 67.0394 to convert the payment into rupees, ensuring the customer gets the correct amount and her bank stays compliant with RBI rules.

What changed

The rupee value of the special currency basket, used for deferred payment protocols between India and the erstwhile USSR, was revised from Rs. 64.9196 (effective November 19, 2008) to Rs. 67.0394, effective December 23, 2008. This revision was communicated via A.P. (DIR Series) Circular No. 45 dated January 2, 2009.

What it means for you

For banks handling transactions under these protocols, the new rate impacts the conversion of special currency basket amounts into rupees, affecting settlement values. Lenders must ensure accurate application of the revised rate for all relevant transactions from the effective date to avoid discrepancies.

What you must do

Update internal systems and records with the new rupee value of Rs. 67.0394 for the special currency basket effective December 23, 2008.
Inform all concerned constituents, including customers and counterparties, about the revised rate.
Ensure compliance with FEMA provisions under Sections 10(4) and 11(1) while implementing this change.

Who it affects

AD Category-I banks, Constituents involved in deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR

❓ Common questions

Regulatory timeline

Stated effective date effective December 23, 2008
Decoded by BankPulse 2026-06-19 11:19 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 mentioned in this circular?

It is a basket of currencies 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 rupee value of Rs. 67.0394 take effect?

The revised rate is effective from December 23, 2008, as per the circular dated January 2, 2009.

Do I need to take any action as a customer of an AD Category-I bank?

Your bank should inform you of the revised rate. You may need to check if your transactions under these protocols are affected and ensure correct settlement.

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

RBI/2008-09/336
A. 
P. (DIR Series) Circular No. 45
 January 
02, 2009 
 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. 44 dated December 26, 2008 wherein the rupee value of the special currency 
basket was indicated as Rs. 64.9196 effective from November 19, 2008.
 2. 
AD Category – I banks are advised that a further revision has taken place on December 
18, 2008 and accordingly, the rupee value of the special currency basket has been 
fixed at Rs. 67.0394 with effect from December 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,
 (D. 
Mishra)
 Chief General Manager

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/336 · issued 02 Jan 2009. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

🏦 Branch Manager

Inform all concerned constituents, including customers and counterparties, about the revised rate.

💻 IT / Systems

Update internal systems and records with the new rupee value of Rs. 67.0394 for the special currency basket effective December 23, 2008.

📜 Compliance

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, Constituents involved in deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 67.0394” is: “Update internal systems and records with the new rupee value of Rs. 67.0394 for the special currency basket effective December 23, 2008.” (RBI issued this 02 Jan 2009).

Circular: RBI/2008-09/336 -- Rupee Value of Special Currency Basket Revised to Rs. 67.0394
Issued: 02 Jan 2009
Action required: Update internal systems and records with the new rupee value of Rs. 67.0394 for the special currency basket effective December 23, 2008.
Action required: Inform all concerned constituents, including customers and counterparties, about the revised rate.
Action required: Ensure compliance with FEMA provisions under 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.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4735&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.