Rupee Value of Special Currency Basket Revised to Rs. 66.9682
Current · Source: Reserve Bank of India · RBI/2011-12/168 · issued 07 Sep 2011 · ~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. 66.9682, effective August 23, 2011. AD Category-I banks must update their systems and inform constituents.
The rule, in the simplest words
From 23 August 2011, use the new Rupee value of Rs. 66.9682 for the special currency basket (a set of foreign currencies used in trade) when settling India‑USSR deferred payment transactions.
All AD Category‑I banks (banks authorised to deal in foreign exchange) must update their computer systems to show Rs. 66.9682 as the basket value.
Tell every customer who does deferred‑payment trade with the former USSR about the new rate.
Ravi, a foreign‑exchange officer at State Bank of India in Mumbai, logs into the bank’s trade‑settlement system on 20 August 2011, changes the basket rate to Rs. 66.9682, and then sends a friendly email to his corporate clients explaining the new conversion rate for their India‑USSR deferred‑payment deals.
What changed
The Rupee value of the special currency basket, previously set at Rs. 64.7004 effective January 31, 2011, has been revised to Rs. 66.9682 effective August 23, 2011. This revision reflects a change in the basket's valuation as of August 17, 2011.
What it means for you
Banks handling deferred payment transactions under the India-USSR protocols must use the new Rupee value for settlements from August 23, 2011. This impacts the conversion rates for related trade payments and requires updates to internal systems and customer communications.
What you must do
Update your systems to reflect the new Rupee value of Rs. 66.9682 for the special currency basket effective August 23, 2011.
Inform all concerned constituents, including customers involved in deferred payment transactions under the India-USSR protocols.
Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.
Who it affects
AD Category-I banks, Customers involved in deferred payment transactions under India-USSR protocols
❓ Common questions
Regulatory timeline
Stated effective dateeffective August 23, 2011
Decoded by BankPulse2026-06-18 23:38 IST
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 revised to Rs. 66.9682, effective from August 23, 2011.
Which circular does this revision supersede?
This revision updates the value previously indicated in A.P. (DIR Series) Circular No. 41 dated February 11, 2011, which set the value at Rs. 64.7004.
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/168
A.P. (DIR Series) Circular No. 10
September 07, 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.41 dated February 11, 2011 , wherein the Rupee value of the special currency basket was indicated as Rs. 64.7004 effective from January 31, 2011.
2. AD Category-I banks are advised that a further revision has taken place on August 17, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs. 66.9682 with effect from August 23, 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,
(Rashmi Fauzdar)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/168 · issued 07 Sep 2011. The plain-English explanation above is BankPulse’s own independent summary.
Update your systems to reflect the new Rupee value of Rs. 66.9682 for the special currency basket effective August 23, 2011.
📜 Compliance
Inform all concerned constituents, including customers involved in deferred payment transactions under the India-USSR protocols.
Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.
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, Customers involved in deferred payment transactions under India-USSR protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 66.9682” is: “Update your systems to reflect the new Rupee value of Rs. 66.9682 for the special currency basket effective August 23, 2011.” (RBI issued this 07 Sep 2011).
Circular: RBI/2011-12/168 -- Rupee Value of Special Currency Basket Revised to Rs. 66.9682
Issued: 07 Sep 2011
Action required: Update your systems to reflect the new Rupee value of Rs. 66.9682 for the special currency basket effective August 23, 2011.
Action required: Inform all concerned constituents, including customers involved in deferred payment transactions under the India-USSR protocols.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.
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.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
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=6700&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.
Help us keep this accurate
Found an inaccuracy or have an improvement? Tell us. Every report is reviewed by our team before any change is made — nothing goes live unverified.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
BANKPULSE · FREE DAILY BRIEF
Get RBI updates for your role
Every important RBI update, decoded in plain English — for your career, exams & financial awareness.
We collect only your email, name and role, used solely to send your brief — never sold or shared. Withdraw anytime via the unsubscribe link in any email. Independent platform, not affiliated with the RBI. Information, not legal advice.
REPORT AN ERROR · BETA
Spotted an error? Earn 500 BankPulse Credits
Help us stay accurate. If your correction is verified true and approved by our founder, you earn 500 BankPulse Credits — redeemable when the platform monetises.
Reviewed by a human before any credit is awarded. We never change the site from crowd input without verification.
WANT A NEW FEATURE · BETA
What would make BankPulse more useful for you?
Tell us what to build next — a tool, a data view, a role page, anything. We read every suggestion.
Thank you — your ideas directly shape what we build.