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Rupee Value of Special Currency Basket Revised to Rs.62.788607

Current · Source: Reserve Bank of India · RBI/2010-11/122 · issued 21 Jul 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 Rs.62.788607, effective July 7, 2010. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

Banks must update their systems with the new Rupee value of Rs.62.788607 for the special currency basket.
The new rate must be used for all transactions under the Deferred Payment Protocols from July 7, 2010.
Banks must notify all concerned constituents about the revised basket value.

How it plays out — a real example

Ramesh, a forex & trade-finance officer in Indore, must update the bank's system with the new Rupee value of Rs.62.788607 for the special currency basket. He must also inform the bank's corporate clients dealing with deferred payments to the erstwhile USSR about the revised basket value. This will ensure accurate conversion of payments and cash flows for involved entities.

What changed

The Rupee value of the special currency basket, previously set at Rs.60.8816 effective June 24, 2010, was revised to Rs.62.788607 effective July 7, 2010. This revision reflects a change in the basket's valuation as per the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985.

What it means for you

Banks handling transactions under these protocols must use the new rate for settlements from July 7, 2010. This impacts the conversion of payments related to India's deferred payment agreements with the former USSR, affecting cash flows and accounting for involved entities.

What you must do

Update internal systems and records with the new Rupee value of Rs.62.788607 effective July 7, 2010.
Notify all concerned constituents, including corporate clients and branches, about the revised basket value.
Ensure all transactions under the Deferred Payment Protocols from July 7, 2010 use the updated rate.

Who it affects

AD Category-I banks, Corporate clients dealing with deferred payments to the erstwhile USSR, Branches handling protocol-related transactions

❓ Common questions

Regulatory timeline

Stated effective date effective July 7, 2010
Decoded by BankPulse 2026-06-19 04:55 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 determine the Rupee value for payments under the Deferred Payment Protocols between India and the erstwhile USSR, as per agreements from 1981 and 1985.

When does the new rate take effect?

The revised Rupee value of Rs.62.788607 is effective from July 7, 2010.

Do we need to inform 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

RBI/2010-11/122

 A.P. (DIR Series) Circular No. 02 

  July 21, 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.01 dated July 13, 2010 , wherein the Rupee value of the special currency basket was indicated as Rs.60.8816 effective from June 24, 2010. 

 2. AD Category-I banks are advised that a further revision has taken place on July 02, 2010 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.62.788607 with effect from July 07, 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/2010-11/122 · issued 21 Jul 2010. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

🏦 Branch Manager

Notify all concerned constituents, including corporate clients and branches, about the revised basket value.

💻 IT / Systems

Update internal systems and records with the new Rupee value of Rs.62.788607 effective July 7, 2010.

📜 Compliance

Ensure all transactions under the Deferred Payment Protocols from July 7, 2010 use the updated rate.

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 dealing with deferred payments to the erstwhile USSR, Branches handling protocol-related transactions), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.62.788607” is: “Update internal systems and records with the new Rupee value of Rs.62.788607 effective July 7, 2010.” (RBI issued this 21 Jul 2010).

Circular: RBI/2010-11/122 -- Rupee Value of Special Currency Basket Revised to Rs.62.788607
Issued: 21 Jul 2010
Action required: Update internal systems and records with the new Rupee value of Rs.62.788607 effective July 7, 2010.
Action required: Notify all concerned constituents, including corporate clients and branches, about the revised basket value.
Action required: Ensure all transactions under the Deferred Payment Protocols from July 7, 2010 use the updated rate.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5883&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.