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Rupee Value of Special Currency Basket Revised to Rs.64.7004

Current · Source: Reserve Bank of India · RBI/2010-11/402 · issued 11 Feb 2011 · ~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.64.7004, effective January 31, 2011. 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, who also handles trade finance, receives a payment request on February 1, 2011, for a shipment under the 1985 protocol with the erstwhile USSR. She checks the RBI circular and updates her system to use the new basket value of Rs.64.7004, ensuring the Rupee amount is calculated correctly for the exporter's settlement.

What changed

The Rupee value of the special currency basket, previously set at Rs.62.788607 from July 7, 2010, was revised to Rs.64.7004 effective January 31, 2011. This revision was made on January 26, 2011, and communicated via this circular.

What it means for you

Banks handling deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR must use the new basket value for settlements from January 31, 2011. This impacts the Rupee equivalent of payments under these agreements, affecting cash flows and accounting for lenders involved in such trade.

What you must do

Who it affects

AD Category-I banks, Constituents involved in trade with the erstwhile USSR under the Deferred Payment Protocols, Importers and exporters using these 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 special currency basket and why was its value revised?

The special currency basket is used to determine the Rupee value for deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR. The revision reflects changes in the basket's composition or exchange rates, as determined by RBI.

From which date is the new basket value effective?

The new Rupee value of Rs.64.7004 is effective from January 31, 2011, as per the revision made on January 26, 2011.

Do I need to take any action if I am not an AD Category-I bank?

This circular is directed at AD Category-I banks. If you are a constituent, your bank should inform you of the change. No direct action is required from you.

📜 Read the original circular — full text as issued by RBI
RBI/2010-11/402 A.P. (DIR Series) Circular No. 41 February 11, 2011 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.02 dated July 21, 2010 , wherein the Rupee value of the special currency basket was indicated as Rs.62.788607 effective from July 7, 2010. 2.         AD Category-I banks are advised that a further revision has taken place on January 26, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.64.7004 with effect from January 31, 2011. 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/2010-11/402 · issued 11 Feb 2011. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Review and adjust any pending settlements or contracts referencing the old rate.
💻 IT / Systems
  • Update internal systems to reflect the new special currency basket value of Rs.64.7004 effective January 31, 2011.
📜 Compliance
  • Notify all concerned constituents, including importers and exporters, about the revised rate.
  • Ensure all transactions under the Deferred Payment Protocols from January 31, 2011, use the updated basket value.
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 involved in trade with the erstwhile USSR under the Deferred Payment Protocols, Importers and exporters using these protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.64.7004” is: “Update internal systems to reflect the new special currency basket value of Rs.64.7004 effective January 31, 2011.” (RBI issued this 11 Feb 2011).

  1. Circular: RBI/2010-11/402 -- Rupee Value of Special Currency Basket Revised to Rs.64.7004
  2. Issued: 11 Feb 2011
  3. Action required: Update internal systems to reflect the new special currency basket value of Rs.64.7004 effective January 31, 2011.
  4. Action required: Notify all concerned constituents, including importers and exporters, about the revised rate.
  5. Action required: Ensure all transactions under the Deferred Payment Protocols from January 31, 2011, use the updated basket value.
  6. Action required: Review and adjust any pending settlements or contracts referencing the old rate.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. 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=6261&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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