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Rupee Value of Special Currency Basket Revised to Rs.66.5719

Current · Source: Reserve Bank of India · RBI/2009-10/101 · issued 17 Jul 2009 · ~1 min read

Quick answerRBI has revised the rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.66.5719, effective June 25, 2009. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The rupee value of the special currency basket is revised to Rs.66.5719
This change affects trade settlements under the 1981 and 1985 protocols with the erstwhile USSR
Banks must update their systems and inform clients about the new rate
The new rate is used for converting rupee-denominated payments linked to the special currency basket

How it plays out — a real example

A foreign exchange officer in Mumbai will use the new rupee value of the special currency basket to process trade settlements under the protocols, ensuring that all transactions from June 25, 2009 are converted using the updated rate of Rs.66.5719. This will impact the officer's daily tasks, such as updating internal systems and informing corporate clients about the revised rate. The officer will work closely with trade finance teams to ensure a smooth transition to the new rate.

What changed

The rupee value of the special currency basket, used for deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR, was revised from Rs.64.6153 (effective May 22, 2009) to Rs.66.5719, effective June 25, 2009. This revision was communicated via A.P. (DIR Series) Circular No.03 dated July 17, 2009.

What it means for you

Banks handling trade settlements under these protocols must use the new basket value for all transactions from June 25, 2009. This impacts the conversion rates for rupee-denominated payments linked to the special currency basket, affecting trade finance and settlement operations.

What you must do

Update internal systems and records to reflect the new basket value of Rs.66.5719 effective June 25, 2009.
Inform all relevant constituents, including corporate clients involved in trade with Russia, about the revised rate.
Ensure all deferred payment transactions under the protocols are processed using the updated value from the effective date.

Who it affects

AD Category-I banks handling trade settlements under the Deferred Payment Protocols, Corporate clients with outstanding payments under the 1981 and 1985 protocols, Trade finance and forex operations teams

❓ Common questions

Regulatory timeline

Stated effective date effective June 25, 2009
Decoded by BankPulse 2026-06-19 09:12 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?

It is a basket of currencies used to determine the rupee value for deferred payment transactions between India and the erstwhile USSR under protocols signed in 1981 and 1985.

When does the new value take effect?

The revised rupee value of Rs.66.5719 is effective from June 25, 2009, as per the circular dated July 17, 2009.

Do we need to adjust past transactions?

No, the revision applies only to transactions from the effective date of June 25, 2009. Past transactions using the earlier value of Rs.64.6153 remain valid.

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

RBI/2009-10/101

 A.P. (DIR Series) Circular No.03

 July 17, 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.2 dated July 3, 2009, wherein the rupee value of the special currency basket was indicated as Rs.64.6153 effective from May 22, 2009.

 2. AD Category-I banks are advised that a further revision has taken place on June 22, 2009 and accordingly, the rupee value of the special currency basket has been fixed at Rs.66.5719 with effect from June 25, 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(FEMA), 1999 (42 of 1999) and are 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/2009-10/101 · issued 17 Jul 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 and records to reflect the new basket value of Rs.66.5719 effective June 25, 2009.

📜 Compliance

Inform all relevant constituents, including corporate clients involved in trade with Russia, about the revised rate.
Ensure all deferred payment transactions under the protocols are processed using the updated value from the effective date.

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 handling trade settlements under the Deferred Payment Protocols, Corporate clients with outstanding payments under the 1981 and 1985 protocols, Trade finance and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.66.5719” is: “Update internal systems and records to reflect the new basket value of Rs.66.5719 effective June 25, 2009.” (RBI issued this 17 Jul 2009).

Circular: RBI/2009-10/101 -- Rupee Value of Special Currency Basket Revised to Rs.66.5719
Issued: 17 Jul 2009
Action required: Update internal systems and records to reflect the new basket value of Rs.66.5719 effective June 25, 2009.
Action required: Inform all relevant constituents, including corporate clients involved in trade with Russia, about the revised rate.
Action required: Ensure all deferred payment transactions under the protocols are processed using the updated value from the effective date.
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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BankPulse Compliance Evidence Pack — generated 03 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=5176&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.