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Rupee Value of Special Currency Basket Revised to ₹63.0381

Current · Source: Reserve Bank of India · RBI/2009-10/386 · issued 08 Apr 2010 · ~2 min read

Quick answerRBI has revised the Rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to ₹63.0381, effective March 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 for the 1981 and 1985 deferred payment protocols with the former USSR is now ₹63.0381, starting March 11, 2010.
Because this rate is lower than the previous ₹65.29, the Rupee amount that Indian importers must pay for foreign‑currency obligations is smaller, which can lower their settlement costs.
All AD Category‑I banks must update their computer systems and records to use ₹63.0381 for every transaction from March 11, 2010, and must tell their customers about the change.
Banks should also check transactions dated January 11, 2010, to ensure the old rate was applied correctly and correct any mistakes if needed.
The RBI issued this change under FEMA sections 10(4) and 11(1) and it does not affect any other permissions or approvals the banks may have.

How it plays out — a real example

A deferred‑payment officer named Anil in Mumbai receives a request from an importer to settle a USSR protocol transaction. He looks up the RBI circular, updates the system to the new ₹63.0381 rate, and informs the importer that the Rupee amount is now lower, helping the importer save money on the settlement.

What changed

The Rupee value of the special currency basket, previously set at ₹65.29 effective January 11, 2010, has been revised downward to ₹63.0381 effective March 11, 2010. This revision reflects a change in the exchange rate used for deferred payment transactions under the 1981 and 1985 protocols with the former USSR.

What it means for you

For banks handling deferred payment transactions under these protocols, the lower Rupee value reduces the Rupee equivalent of foreign currency obligations, potentially lowering settlement costs for Indian importers. AD Category-I banks must ensure accurate application of the new rate for all transactions from March 11, 2010, to avoid discrepancies in reporting and settlements.

What you must do

Update internal systems and records to reflect the new Rupee value of ₹63.0381 for the special currency basket effective March 11, 2010.
Inform all concerned constituents, including importers and exporters dealing with deferred payments under the protocols, about the revised rate.
Ensure compliance with FEMA sections 10(4) and 11(1) while applying the new rate to transactions.
Review past transactions from January 11, 2010, to ensure the previous rate was correctly applied and adjust if needed.

Who it affects

AD Category-I banks handling deferred payment transactions under the 1981 and 1985 protocols, Importers and exporters with obligations under the India-USSR deferred payment agreements, RBI's foreign exchange monitoring and reporting divisions

❓ Common questions

Regulatory timeline

Stated effective date effective March 11, 2010
Decoded by BankPulse 2026-06-19 06:56 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 and why is its Rupee value revised?

The special currency basket is used to value deferred payment transactions under protocols between India and the erstwhile USSR. Its Rupee value is revised periodically by RBI based on exchange rate movements, as seen in this circular.

When does the new Rupee value of ₹63.0381 take effect?

The revised value is effective from March 11, 2010, as per the circular dated April 8, 2010. Banks must apply it to all relevant transactions from that date.

What should AD Category-I banks do if they have already processed transactions at the old rate after March 11?

Banks should identify any such transactions and adjust them to reflect the correct rate of ₹63.0381, ensuring compliance with FEMA directions and informing constituents as needed.

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

RBI/2009-10/386

 A.P. (DIR Series) Circular No. 46 

 April 08, 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.43 dated March 29, 2010, wherein the Rupee value of the special currency basket was indicated as Rs.65.29 effective from January 11, 2010. 

 2. AD Category-I banks are advised that a further revision has taken place on March 8, 2010 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.63.0381 with effect from March 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/2009-10/386 · issued 08 Apr 2010. 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 Rupee value of ₹63.0381 for the special currency basket effective March 11, 2010.

📜 Compliance

Inform all concerned constituents, including importers and exporters dealing with deferred payments under the protocols, about the revised rate.
Ensure compliance with FEMA sections 10(4) and 11(1) while applying the new rate to transactions.
Review past transactions from January 11, 2010, to ensure the previous rate was correctly applied and adjust if needed.

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 deferred payment transactions under the 1981 and 1985 protocols, Importers and exporters with obligations under the India-USSR deferred payment agreements, RBI's foreign exchange monitoring and reporting divisions), your first concrete step on “Rupee Value of Special Currency Basket Revised to ₹63.0381” is: “Update internal systems and records to reflect the new Rupee value of ₹63.0381 for the special currency basket effective March 11, 2010.” (RBI issued this 08 Apr 2010).

Circular: RBI/2009-10/386 -- Rupee Value of Special Currency Basket Revised to ₹63.0381
Issued: 08 Apr 2010
Action required: Update internal systems and records to reflect the new Rupee value of ₹63.0381 for the special currency basket effective March 11, 2010.
Action required: Inform all concerned constituents, including importers and exporters dealing with deferred payments under the protocols, about the revised rate.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while applying the new rate to transactions.
Action required: Review past transactions from January 11, 2010, to ensure the previous rate was correctly applied and adjust if needed.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________

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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=5576&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.