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Rupee Value of Special Currency Basket Revised to Rs.69.09329

Current · Source: Reserve Bank of India · RBI/2011-12/240 · issued 01 Nov 2011 · ~1 min read
Quick answerRBI has revised the Rupee value of the special currency basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.69.09329 effective September 20, 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 gold‑loan officer in Indore receives a payment from a client who owes money under the USSR protocol. She uses the updated basket value of Rs.69.09329 to calculate the correct Rupee amount, submits the settlement, and smiles knowing the transaction is compliant and accurate.

What changed

The Rupee value of the special currency basket under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between India and the erstwhile USSR was revised from Rs.66.9682 (effective August 23, 2011) to Rs.69.09329 effective September 20, 2011. This revision was communicated via A.P. (DIR Series) Circular No. 39 dated November 01, 2011.

What it means for you

Banks handling transactions under these protocols must apply the new basket value for all settlements from September 20, 2011. The change reflects currency fluctuations and impacts the Rupee equivalent of payments due under the bilateral agreements. AD Category-I banks need to ensure accurate conversion and compliance.

What you must do

Who it affects

AD Category-I banks, Corporate clients with exposure to India-USSR deferred payment agreements, Treasury and forex operations teams

❓ 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 effective date for the new Rupee value of the special currency basket?

The revised Rupee value of Rs.69.09329 is effective from September 20, 2011.

Which circular supersedes the previous value?

This circular (A.P. DIR Series Circular No. 39) updates the value from the earlier Rs.66.9682 set in Circular No. 10 dated September 07, 2011.

📜 Read the original circular — full text as issued by RBI
RBI/2011-12/240 A.P. (DIR Series) Circular No. 39 November 01, 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.10 dated September 07, 2011 , wherein the Rupee value of the special currency basket was indicated as Rs.66.9682 effective from August 23, 2011. 2.         AD Category-I banks are advised that a further revision has taken place on September 15, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.69.09329 with effect from September 20, 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/2011-12/240 · issued 01 Nov 2011. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
🏦 Branch Manager
  • Inform all concerned constituents, including corporate clients and branches, about the revised value.
💻 IT / Systems
  • Update internal systems and records with the new Rupee value of Rs.69.09329 for the special currency basket effective September 20, 2011.
📜 Compliance
  • Ensure all transactions under the Deferred Payment Protocols from September 20, 2011 use the updated rate.
  • Maintain documentation to demonstrate compliance with FEMA sections 10(4) and 11(1) as referenced in the circular.
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 with exposure to India-USSR deferred payment agreements, Treasury and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.69.09329” is: “Update internal systems and records with the new Rupee value of Rs.69.09329 for the special currency basket effective September 20, 2011.” (RBI issued this 01 Nov 2011).

  1. Circular: RBI/2011-12/240 -- Rupee Value of Special Currency Basket Revised to Rs.69.09329
  2. Issued: 01 Nov 2011
  3. Action required: Update internal systems and records with the new Rupee value of Rs.69.09329 for the special currency basket effective September 20, 2011.
  4. Action required: Inform all concerned constituents, including corporate clients and branches, about the revised value.
  5. Action required: Ensure all transactions under the Deferred Payment Protocols from September 20, 2011 use the updated rate.
  6. Action required: Maintain documentation to demonstrate compliance with FEMA sections 10(4) and 11(1) as referenced in the circular.
  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=6790&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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