Rupee Value of Special Currency Basket Revised to Rs. 67.2425
Current · Source: Reserve Bank of India · RBI/2008-09/415 · issued 24 Mar 2009 · ~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. 67.2425, effective March 5, 2009. AD Category-I banks must update their systems and inform constituents.
The rule, in the simplest words
The RBI changed the rupee value of the special currency basket (the amount of rupees used to settle old India‑USSR deals) to Rs. 67.2425, starting on March 5, 2009.
AD Category‑I banks (banks approved to deal in foreign exchange) must update their computer systems to use the new Rs. 67.2425 rate for all payments under the Deferred Payment Protocols with the former USSR.
These banks must tell their corporate customers about the new rate, check that every settlement after March 5 uses Rs. 67.2425, and keep a copy of the circular for audit under FEMA, 1999.
How it plays out — a real example
Anita, a foreign‑exchange officer at the AD Category‑I desk of a Delhi bank, receives the circular on March 2, 2009. She quickly updates the bank’s settlement system to Rs. 67.2425, emails her corporate clients who trade with the former USSR to let them know the new rate will apply from March 5, and later reviews the first payment on March 5 to confirm the correct amount was used, feeling confident that the bank is compliant.
What changed
The rupee value of the special currency basket was revised from Rs. 65.0272 (effective February 6, 2009) to Rs. 67.2425, effective March 5, 2009. This revision 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
Banks handling transactions under these protocols must use the new basket value for settlements from March 5, 2009. The change reflects currency fluctuations and impacts the rupee equivalent of payments due under the bilateral agreements. AD Category-I banks need to ensure accurate application to avoid discrepancies in cross-border settlements.
What you must do
Update internal systems with the new basket value of Rs. 67.2425 effective March 5, 2009.
Notify all concerned constituents, including corporate clients dealing with erstwhile USSR trade settlements.
Verify that all transactions under the Deferred Payment Protocols from March 5, 2009 use the revised rate.
Maintain records of the circular for audit and compliance under FEMA, 1999.
Who it affects
AD Category-I banks, Corporate clients with trade settlements under India-USSR Deferred Payment Protocols, RBI's Foreign Exchange Department
❓ Common questions
Regulatory timeline
Stated effective dateeffective March 5, 2009
Decoded by BankPulse2026-06-19 10:47 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 settlements under the Deferred Payment Protocols between India and the erstwhile USSR, covering trade payments.
When does the new value of Rs. 67.2425 take effect?
The revision is effective from March 5, 2009, as per the circular dated March 24, 2009.
Which legal provisions govern 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
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/415 · issued 24 Mar 2009. The plain-English explanation above is BankPulse’s own independent summary.
Notify all concerned constituents, including corporate clients dealing with erstwhile USSR trade settlements.
Maintain records of the circular for audit and compliance under FEMA, 1999.
💻 IT / Systems
Update internal systems with the new basket value of Rs. 67.2425 effective March 5, 2009.
📜 Compliance
Verify that all transactions under the Deferred Payment Protocols from March 5, 2009 use the revised rate.
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 trade settlements under India-USSR Deferred Payment Protocols, RBI's Foreign Exchange Department), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 67.2425” is: “Update internal systems with the new basket value of Rs. 67.2425 effective March 5, 2009.” (RBI issued this 24 Mar 2009).
Circular: RBI/2008-09/415 -- Rupee Value of Special Currency Basket Revised to Rs. 67.2425
Issued: 24 Mar 2009
Action required: Update internal systems with the new basket value of Rs. 67.2425 effective March 5, 2009.
Action required: Notify all concerned constituents, including corporate clients dealing with erstwhile USSR trade settlements.
Action required: Verify that all transactions under the Deferred Payment Protocols from March 5, 2009 use the revised rate.
Action required: Maintain records of the circular for audit and compliance under FEMA, 1999.
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=4896&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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