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Rupee Value of Special Currency Basket Revised to Rs.64.6153

Current · Source: Reserve Bank of India · RBI/2009-10/98 · issued 03 Jul 2009 · ~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.64.6153, effective May 22, 2009. AD Category-I banks must update their systems and inform constituents.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Indore, while processing a payment for a client's old trade deal with Russia, checks the RBI circular and updates the bank's system to use Rs.64.6153 for the special currency basket from May 22, 2009, ensuring the client's payment is calculated correctly.

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

Who it affects

AD Category-I banks, Constituents dealing with India-USSR deferred payment protocols

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

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.

📜 Read the original circular — full text as issued by RBI
RBI/2009-10/98 A.P. (DIR Series) Circular No.02 July  03, 2009. To All Authorised Dealer Category - I Banks Madam / Sirs, 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.59 dated March 24, 2009, wherein the rupee value of the special currency basket was indicated as Rs.67.2425 effective from March 05, 2009. 2. AD Category-I banks are advised that a further revision has taken place on May 19, 2009 and accordingly, the rupee value of the special currency basket has been fixed at Rs.64.6153 with effect from May 22, 2009. 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 C hief General Manager-in-charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/98 · issued 03 Jul 2009. 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 to reflect the new basket value of Rs.64.6153 from May 22, 2009.
📜 Compliance
  • 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.
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 dealing with India-USSR deferred payment protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.64.6153” is: “Update internal systems to reflect the new basket value of Rs.64.6153 from May 22, 2009.” (RBI issued this 03 Jul 2009).

  1. Circular: RBI/2009-10/98 -- Rupee Value of Special Currency Basket Revised to Rs.64.6153
  2. Issued: 03 Jul 2009
  3. Action required: Update internal systems to reflect the new basket value of Rs.64.6153 from May 22, 2009.
  4. Action required: Inform all relevant constituents about the revised rate for deferred payment transactions.
  5. Action required: Ensure compliance with FEMA sections 10(4) and 11(1) for all related transactions.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. 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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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5160&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.
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