Home › Circulars › RBI/2009-10/431

Rupee Value of Special Currency Basket Revised to Rs.60.897378

No longer current — withdrawn, no replacement on file yet

Source: Reserve Bank of India · RBI/2009-10/431 · issued 26 Apr 2010 · ~1 min read

Quick answerRBI revised the Rupee value of the special currency basket for deferred payment protocols with the erstwhile USSR to Rs.60.897378, effective April 9, 2010. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

RBI changed the Rupee value of a special currency basket used for old payment deals with the former USSR.
The new value is Rs.60.897378, starting April 9, 2010.
Banks that handle foreign exchange (AD Category-I banks) must tell their customers about this change.
This rule is based on FEMA, the law that controls foreign money in India.
The old value was Rs.63.0381, effective from March 11, 2010.

How it plays out — a real example

Rajesh, a forex officer at an AD Category-I bank, updates his system on April 9, 2010, to use Rs.60.897378 for a client's payment under the India-USSR protocol, ensuring correct settlement and avoiding compliance issues.

What changed

The Rupee value of the special currency basket was revised from Rs.63.0381 (as per A.P. (DIR Series) Circular No.46 dated April 8, 2010, effective March 11, 2010) to Rs.60.897378, effective April 9, 2010. The revision occurred on April 6, 2010, as per this circular dated April 26, 2010.

What it means for you

Banks handling transactions under the deferred payment protocols with the erstwhile USSR must use the new Rupee value for all settlements from April 9, 2010. This affects the conversion rates for related trade and payment obligations, requiring system updates and customer notifications.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Update your systems to reflect the new Rupee value of Rs.60.897378 for the special currency basket effective April 9, 2010.
Inform all relevant constituents, including corporate clients dealing with erstwhile USSR trade, about the revised rate.
Ensure all transactions under the deferred payment protocols from April 9, 2010, use the updated basket value.
Maintain records of the circular and its implementation for audit and compliance purposes.

Who it affects

AD Category-I banks, Corporate clients with trade or payment obligations under deferred payment protocols with erstwhile USSR

❓ Common questions

Regulatory timeline

Stated effective date effective April 9, 2010
Decoded by BankPulse 2026-07-31 04:04 IST
Status change: superseded 06 Jul 2026, 01:17 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 settle payments under deferred payment protocols between India and the erstwhile USSR, with its Rupee value set by RBI periodically.

When does the new Rupee value take effect?

The revised value of Rs.60.897378 is effective from April 9, 2010, as per the revision made on April 6, 2010.

Do I need to notify customers?

Yes, AD Category-I banks must bring the circular's contents to the notice of their constituents concerned.

📜 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 ( 499 kb ) Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR RBI/2009-10/431 A.P. (DIR Series) Circular No.48 April 26, 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.46 dated April 8, 2010, wherein the Rupee value of the special currency basket was indicated as Rs.63.0381 effective from March 11, 2010. 2. AD Category-I banks are advised that a further revision has taken place on April 6, 2010 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.60.897378 with effect from April 09, 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 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/2009-10/431 · issued 26 Apr 2010. The plain-English explanation above is BankPulse’s own independent summary.

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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=5629&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.