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Rupee Value of Special Currency Basket Revised to Rs.60.8816

Current · Source: Reserve Bank of India · RBI/2010-11/112 · issued 13 Jul 2010 · ~2 min read

Quick answerRBI revised the Rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.60.8816, effective June 24, 2010. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The RBI changed the value of a special currency basket (a mix of currencies used for old trade deals with the former USSR) from Rs.63.0402 to Rs.60.8816.
This new value starts on June 24, 2010, so banks must use it for payments from that day.
Banks that handle foreign exchange (forex) for trade with Russia must update their computer systems and tell their customers about the new rate.
Banks must follow FEMA rules (India's foreign exchange law) when using this new basket value.

How it plays out — a real example

A branch operations officer in Indore is processing a payment for a client who exports machinery to Russia under an old trade deal. She checks the RBI circular and updates her system to use the new basket value of Rs.60.8816 instead of the old Rs.63.0402, ensuring the client's payment is calculated correctly from June 24, 2010.

What changed

The Rupee value of the special currency basket was revised from Rs.63.0402 (effective May 31, 2010) to Rs.60.8816, effective June 24, 2010. This update follows the previous circular (No.55 dated June 15, 2010) and applies to the Deferred Payment Protocols of April 30, 1981 and December 23, 1985 between India and the erstwhile USSR.

What it means for you

Banks handling deferred payment transactions under these protocols must use the new basket value for settlements from June 24, 2010. This impacts the Rupee equivalent of payments linked to the special currency basket, affecting trade-related forex operations. AD Category-I banks need to ensure accurate application to avoid discrepancies in cross-border payments.

What you must do

Update internal systems to reflect the revised Rupee value of Rs.60.8816 for the special currency basket effective June 24, 2010.
Notify all concerned constituents, including corporate clients involved in trade with Russia, about the new rate.
Ensure compliance with FEMA sections 10(4) and 11(1) while processing transactions under the Deferred Payment Protocols.
Cross-verify that no other permissions or approvals are needed under other laws for affected transactions.

Who it affects

AD Category-I banks, Corporate clients engaged in trade with the erstwhile USSR under the Deferred Payment Protocols, Treasury and forex operations teams

❓ Common questions

Regulatory timeline

Stated effective date effective June 24, 2010
Decoded by BankPulse 2026-06-19 05:03 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 under the Deferred Payment Protocols between India and the erstwhile USSR to settle trade payments. Its Rupee value is revised periodically by RBI based on exchange rate movements, as seen in this update from Rs.63.0402 to Rs.60.8816.

Which transactions are affected by this circular?

Transactions under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985, which involve payments between India and the erstwhile USSR, are affected. Banks must use the new rate for settlements from June 24, 2010.

What should AD Category-I banks do if they have already processed transactions at the old rate after June 24?

Banks should immediately adjust any transactions processed after the effective date using the old rate, and ensure all future settlements use the revised value of Rs.60.8816. They must also inform constituents and maintain compliance with FEMA provisions.

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

RBI/2010-11/112 

 A.P. (DIR Series) Circular No. 01 

 (Last Circular of 2009-10 is 57) 

 July 13, 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.55 dated June 15, 2010 , wherein the Rupee value of the special currency basket was indicated as Rs.63.0402 effective from May 31, 2010.

 2. AD Category-I banks are advised that a further revision has taken place on June 21, 2010 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.60.8816 with effect from June 24, 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/2010-11/112 · issued 13 Jul 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 to reflect the revised Rupee value of Rs.60.8816 for the special currency basket effective June 24, 2010.

📜 Compliance

Notify all concerned constituents, including corporate clients involved in trade with Russia, about the new rate.
Ensure compliance with FEMA sections 10(4) and 11(1) while processing transactions under the Deferred Payment Protocols.
Cross-verify that no other permissions or approvals are needed under other laws for affected 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, Corporate clients engaged in trade with the erstwhile USSR under the Deferred Payment Protocols, Treasury and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.60.8816” is: “Update internal systems to reflect the revised Rupee value of Rs.60.8816 for the special currency basket effective June 24, 2010.” (RBI issued this 13 Jul 2010).

Circular: RBI/2010-11/112 -- Rupee Value of Special Currency Basket Revised to Rs.60.8816
Issued: 13 Jul 2010
Action required: Update internal systems to reflect the revised Rupee value of Rs.60.8816 for the special currency basket effective June 24, 2010.
Action required: Notify all concerned constituents, including corporate clients involved in trade with Russia, about the new rate.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while processing transactions under the Deferred Payment Protocols.
Action required: Cross-verify that no other permissions or approvals are needed under other laws for affected transactions.
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=5873&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.