What changed
The rupee value of the special currency basket was revised from Rs.67.2425 (effective March 5, 2009) to Rs.64.6153, effective May 22, 2009. This change was notified via A.P. (DIR Series) Circular No.02 dated July 3, 2009.
What it means for you
Banks handling deferred payment transactions under the India-USSR protocols must use the new basket value for settlements from May 22, 2009. This impacts the conversion rates for related trade and payment obligations, requiring system updates and customer communication.
What you must do
- Update internal systems to reflect the new basket value of Rs.64.6153 from May 22, 2009.
- Inform all relevant constituents about the revised rate for deferred payment transactions.
- Ensure compliance with FEMA sections 10(4) and 11(1) for all related transactions.
Who it affects
AD Category-I banks, Constituents dealing with India-USSR deferred payment protocols
What is the new rupee value of the special currency basket?
The rupee value has been fixed at Rs.64.6153, effective from May 22, 2009.
Which earlier circular does this revision supersede?
This revision updates the value previously indicated in A.P. (DIR Series) Circular No.59 dated March 24, 2009.