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Rupee Value of Special Currency Basket Revised to ₹63.0402

Current · Source: Reserve Bank of India · RBI/2009-10/492 · issued 15 Jun 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 ₹63.0402 effective May 31, 2010, from the earlier ₹60.897378. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The RBI (India's central bank) changed the value of a special currency basket used for old loans between India and the USSR (a country that no longer exists) to ₹63.0402, starting May 31, 2010.
Before this change, the value was ₹60.897378, which was used from April 9, 2010.
Banks that handle foreign exchange (money in different currencies) must update their computer systems to use the new value for all payments from May 31, 2010.
Banks must tell their customers, like companies, about this new value so they use the correct amount.
If a bank made a payment between May 31 and June 15 using the old value, they need to check and fix it.

How it plays out — a real example

A forex & trade-finance officer in Indore is processing a payment for a corporate client under the India-USSR deferred payment protocol. On June 10, 2010, she checks the RBI circular and sees the basket value changed to ₹63.0402 from May 31. She updates her system and recalculates the client's payment, ensuring the correct rupee amount is used, avoiding a costly error.

What changed

The Rupee value of the special currency basket, used for deferred payment arrangements with the erstwhile USSR, was revised from ₹60.897378 (effective April 9, 2010) to ₹63.0402 effective May 31, 2010. This revision was communicated via A.P. (DIR Series) Circular No.55 dated June 15, 2010.

What it means for you

Banks handling transactions under the India-USSR Deferred Payment Protocols must use the new basket value for all related settlements from May 31, 2010. The change reflects currency fluctuations and impacts the Rupee equivalent of outstanding payments. Lenders should ensure accurate conversion and reporting to avoid discrepancies.

What you must do

Update internal systems with the new basket value of ₹63.0402 effective May 31, 2010.
Notify all concerned constituents, including corporate clients, about the revised rate.
Ensure all deferred payment transactions under the protocols use the updated value from the effective date.
Review past transactions from May 31 to June 15 for any adjustments needed.

Who it affects

AD Category-I banks, Corporate clients with deferred payment obligations under India-USSR protocols, Treasury and forex operations teams

❓ Common questions

Regulatory timeline

Stated effective date effective May 31, 2010
Decoded by BankPulse 2026-06-19 06:00 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 of payments under the Deferred Payment Protocols between India and the erstwhile USSR, dated April 30, 1981, and December 23, 1985.

When does the new rate of ₹63.0402 take effect?

The revised rate is effective from May 31, 2010, as per the circular issued on June 15, 2010.

Do we need to inform our customers about this change?

Yes, the circular explicitly advises AD Category-I banks to bring the contents to the notice of their constituents concerned.

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

RBI/2009-10/492 

 A.P. (DIR Series) Circular No.55 

 June 15, 2010 

 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.48 dated April 26, 2010 , wherein the Rupee value of the special currency basket was indicated as Rs.60.897378 effective from April 09, 2010.

 2.   AD Category-I banks are advised that a further revision has taken place on May 26, 2010 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.63.0402 with effect from May 31, 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,

 (G. Jaganmohan Rao) 

 Chief General Manager

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/492 · issued 15 Jun 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 with the new basket value of ₹63.0402 effective May 31, 2010.

📜 Compliance

Notify all concerned constituents, including corporate clients, about the revised rate.
Ensure all deferred payment transactions under the protocols use the updated value from the effective date.
Review past transactions from May 31 to June 15 for any adjustments 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, Corporate clients with deferred payment obligations under India-USSR protocols, Treasury and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to ₹63.0402” is: “Update internal systems with the new basket value of ₹63.0402 effective May 31, 2010.” (RBI issued this 15 Jun 2010).

Circular: RBI/2009-10/492 -- Rupee Value of Special Currency Basket Revised to ₹63.0402
Issued: 15 Jun 2010
Action required: Update internal systems with the new basket value of ₹63.0402 effective May 31, 2010.
Action required: Notify all concerned constituents, including corporate clients, about the revised rate.
Action required: Ensure all deferred payment transactions under the protocols use the updated value from the effective date.
Action required: Review past transactions from May 31 to June 15 for any adjustments needed.
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=5724&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.