Home › Circulars › RBI/2008-09/389

Rupee Value of Special Currency Basket Revised to Rs. 65.0272

Current · Source: Reserve Bank of India · RBI/2008-09/389 · issued 19 Feb 2009 · ~1 min read
Quick answerRBI revised the rupee value of the special currency basket under deferred payment protocols with the erstwhile USSR to Rs. 65.0272, effective February 6, 2009. 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 must update their system with the new basket value of Rs. 65.0272 to ensure accurate conversion rates for transactions with Russian clients under deferred payment protocols. This change is crucial for trade finance and settlement operations, and the officer must inform their constituents about the update to avoid any discrepancies.

What changed

The rupee value of the special currency basket, previously set at Rs. 67.0394 effective December 23, 2008, was revised to Rs. 65.0272 effective February 6, 2009. This change was notified via A.P. (DIR Series) Circular No. 52 dated February 19, 2009.

What it means for you

This revision impacts the valuation of transactions under deferred payment protocols with the former USSR. Banks must ensure accurate conversion rates for related payments and receipts, affecting trade finance and settlement operations.

What you must do

Who it affects

AD Category-I banks, Corporate clients with deferred payment agreements under the 1981 and 1985 protocols, Trade finance departments handling Indo-Russian legacy transactions

❓ 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 new rupee value of the special currency basket?

The rupee value has been revised to Rs. 65.0272, effective from February 6, 2009, replacing the earlier value of Rs. 67.0394.

Which transactions does this circular apply to?

It applies to deferred payment protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR.

What legal authority backs this circular?

The circular is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.

📜 Read the original circular — full text as issued by RBI
Notifications - Reserve Bank of India Skip to main content Selected Selected Change Language हिंदी Search the Website Search Home About Us ▼ About Us Organisation & Functions ▶ Organisation Structure Departments Offices Training Establishment ▶ College of Agricultural Banking Reserve Bank Staff College College of Supervisors RBI's Functions and Working Governors Deputy Governors Executive Directors Communication Policy of RBI Sources of Information ▶ Annual Publications Half-yearly Publications Quarterly Publications Monthly Publications Weekly Publications Occasional Publications SDDS NSDP Data Releases Publications available on Subscription General Information RBI History Museum ▶ The RBI Museum RBI Monetary Museum Notification ▼ Notifications Master Directions Master Circulars Amendment Directions Draft Notifications/Guidelines ▶ Draft Notifications/Guidelines Draft Directions (RE-wise) Index To RBI Circulars Standalone Circulars Circulars Withdrawn Press Releases Speeches & Media Interactions ▼ Speeches Media Interactions Memorial Lectures Podcasts Publications ▼ Biennial Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Occasional Reports Working Papers Legal Framework ▼ Act Rules Regulations Schemes Research ▼ External Research Schemes RBI Occasional Papers Working Papers RBI Bulletin History DRG Studies KLEMS State Statistics and Finances Statistics ▼ Data Releases Database on Indian Economy Public Debt Statistics Regulatory Reporting ▼ List of Returns Data Definition Validation rules/ Taxonomy List of RBI Reporting Portals FAQs of RBI Reporting Portals Home Notifications Notifications Withdrawn with effect from November 16, 2021, February 18, 2022, May 02, 2022, May 13, 2022, May 21, 2024, July 12, 2024 & October 01, 2024 ( 493 kb ) Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR RBI/2008-09/389 A.P. (DIR Series) Circular No. 52 February 19, 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.45 dated January 2, 2009 wherein the rupee value of the special currency basket was indicated as Rs. 67.0394, effective from December 23, 2008. 2. AD Category – I banks are advised that a further revision has taken place on February 3, 2009 and accordingly, the rupee value of the special currency basket has been fixed at Rs.65.0272 with effect from February 6, 2009. 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 2026 All Months January February March April May June July August September October November December 2025 All Months January February March April May June July August September October November December 2024 All Months January February March April May June July August September October November December 2023 All Months January February March April May June July August September October November December 2022 All Months January February March April May June July August September October November December 2021 All Months January February March April May June July August September October November December 2020 All Months January February March April May June July August September October November December 2019 All Months January February March April May June July August September October November December 2018 All Months January February March April May June July August September October November December 2017 All Months January February March April May June July August September October November December Archives 2016 All Months January February March April May June July August September October November December 2015 All Months January February March April May June July August September October November December 2014 All Months January February March April May June July August September October November December 2013 All Months January February March April May June July August September October November December 2012 All Months January February March April May June July August September October November December 2011 All Months January February March April May June July August September October November December 2010 All Months January February March April May June July August September October November December 2009 All Months January February March April May June July August September October November December 2008 All Months January February March April May June July August September October November December 2007 All Months January February March April May June July August September October November December 2006 All Months January February March April May June July August September October November December 2005 All Months January February March April May June July August September October November December 2004 All Months January February March April May June July August September October November December 2003 All Months January February March April May June July August September October November December 2002 All Months January February March April May June July August September October November December 2001 All Months January February March April May June July August September October November December 2000 All Months January February March April May June July August September October November December 1999 All Months January February March April May June July August September October November December 1998 All Months January February March April May June July August September October November December 1997 All Months January February March April May June July August September October November December 1996 All Months January February March April May June July August September October November December 1995 All Months January February March April May June July August September October November December 1994 All Months January February March April May June July August September October November December 1993 All Months January February March April May June July August September October November December 1992 All Months January February March April May June July August September October November December 1991 All Months January February March April May June July August September October November December Top Back to previous page More Links Bank Holidays Banking Glossary Citizen's Charter Complaints Contact Us COVID-19 Measures E-LMS Events FAQs Financial Education Forms IFSC/MICR Codes Important Websites Opportunities @ RBI RBI Clarifications RBI Kehta Hai RBI’s Vision and Values (1257 kb)--> Right to Information Act Tenders Follow RBI RSS Twitter YouTube Instagram Facebook LinkedIn © Reserve Bank of India. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/389 · issued 19 Feb 2009. 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 with the new basket value of Rs. 65.0272 effective February 6, 2009.
📜 Compliance
  • Inform all relevant constituents, including corporate clients handling deferred payment transactions with the erstwhile USSR.
  • Ensure compliance with FEMA Sections 10(4) and 11(1) for all related transactions.
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, Corporate clients with deferred payment agreements under the 1981 and 1985 protocols, Trade finance departments handling Indo-Russian legacy transactions), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 65.0272” is: “Update internal systems with the new basket value of Rs. 65.0272 effective February 6, 2009.” (RBI issued this 19 Feb 2009).

  1. Circular: RBI/2008-09/389 -- Rupee Value of Special Currency Basket Revised to Rs. 65.0272
  2. Issued: 19 Feb 2009
  3. Action required: Update internal systems with the new basket value of Rs. 65.0272 effective February 6, 2009.
  4. Action required: Inform all relevant constituents, including corporate clients handling deferred payment transactions with the erstwhile USSR.
  5. Action required: Ensure compliance with FEMA Sections 10(4) and 11(1) for all related transactions.
  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.

💬 Banker Discussion

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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=4848&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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