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Rupee Value of Special Currency Basket Revised to Rs.65.29

Current · Source: Reserve Bank of India · RBI/2009-10/366 · issued 29 Mar 2010 · ~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.65.29, effective January 11, 2010. 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 was revised to Rs.65.29 effective January 11, 2010.
AD Category-I banks must update their systems and inform constituents about the change.
The revised basket value applies to Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between India and the USSR.

How it plays out — a real example

A forex & trade-finance officer in Indore, Mr. Kumar, updates the system to reflect the new Rupee value of Rs.65.29 for the special currency basket. He informs the concerned constituents, including corporate clients and branches, about the revised basket value to ensure smooth transactions under the Deferred Payment Protocols.

What changed

The Rupee value of the special currency basket, previously set at Rs.66.5719 effective June 25, 2009, was revised to Rs.65.29 effective January 11, 2010. 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

Banks handling transactions under these protocols must use the new basket value for settlements from January 11, 2010. The revision reflects changes in the underlying currency basket composition or exchange rates, impacting the Rupee equivalent of payments due.

What you must do

Update internal systems and records to reflect the new Rupee value of Rs.65.29 for the special currency basket effective January 11, 2010.
Notify all concerned constituents, including corporate clients and branches, about the revised basket value.
Ensure all transactions under the Deferred Payment Protocols from January 11, 2010 use the updated rate.

Who it affects

AD Category-I banks, Constituents of AD Category-I banks involved in trade with the erstwhile USSR under the protocols

❓ Common questions

Regulatory timeline

Stated effective date effective January 11, 2010
Decoded by BankPulse 2026-06-19 07:04 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 payments under the Deferred Payment Protocols between India and the erstwhile USSR, originally signed in 1981 and 1985.

When does the new Rupee value of Rs.65.29 take effect?

The revised value is effective from January 11, 2010, as per the revision that took place on January 6, 2010.

Which banks are required to comply with this circular?

All AD Category-I banks are required to comply and bring the contents to the notice of their constituents.

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

RBI/2009-10/366 

 A.P. (DIR Series) Circular No.43 

 March 29, 2010 

  To 

 All Category - I Authorised Dealer 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.3 dated July 17, 2009, wherein the Rupee value of the special currency basket was indicated as Rs.66.5719 effective from June 25, 2009.

 2. AD Category-I banks are advised that a further revision has taken place on January 06, 2010 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.65.29 with effect from January 11, 2010. 

 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,

 (Salim Gangadharan)

 Chief General Manager-in-Charge

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/366 · issued 29 Mar 2010. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

🏦 Branch Manager

Notify all concerned constituents, including corporate clients and branches, about the revised basket value.

💻 IT / Systems

Update internal systems and records to reflect the new Rupee value of Rs.65.29 for the special currency basket effective January 11, 2010.

📜 Compliance

Ensure all transactions under the Deferred Payment Protocols from January 11, 2010 use the updated 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, Constituents of AD Category-I banks involved in trade with the erstwhile USSR under the protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.65.29” is: “Update internal systems and records to reflect the new Rupee value of Rs.65.29 for the special currency basket effective January 11, 2010.” (RBI issued this 29 Mar 2010).

Circular: RBI/2009-10/366 -- Rupee Value of Special Currency Basket Revised to Rs.65.29
Issued: 29 Mar 2010
Action required: Update internal systems and records to reflect the new Rupee value of Rs.65.29 for the special currency basket effective January 11, 2010.
Action required: Notify all concerned constituents, including corporate clients and branches, about the revised basket value.
Action required: Ensure all transactions under the Deferred Payment Protocols from January 11, 2010 use the updated rate.
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=5552&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.