Home › Circulars › RBI/2011-12/439

Rupee Value of Special Currency Basket Revised

Current · Source: Reserve Bank of India · RBI/2011-12/439 · issued 13 Mar 2012 · ~1 min read
Quick answerRBI revised the Rupee value of the Special Currency Basket to Rs. 68.838139 effective February 9, 2012, replacing the earlier Rs. 71.456679. This applies to Deferred Payment Protocols with erstwhile USSR. Banks must update records and inform constituents.
The rule, in the simplest words
How it plays out — a real example

Rajesh, a forex officer at an AD bank, receives a payment request from a textile exporter for a consignment under the 1985 protocol. He checks the latest circular and applies the new basket rate of Rs. 68.838139, ensuring the exporter's payment is correctly calculated and updated in the system.

What changed

The Rupee value of the Special Currency Basket, used for deferred payments under the 1981 and 1985 protocols with the erstwhile USSR, was revised from Rs. 71.456679 to Rs. 68.838139. The new value took effect from February 9, 2012, superseding the earlier rate effective from January 20, 2012.

What it means for you

This revision affects the conversion of rupee payments under the deferred payment agreements with Russia (erstwhile USSR). Banks handling these transactions must apply the new rate for all eligible payments from the effective date. It may impact the amount payable in rupees for outstanding balances under these protocols.

What you must do

Who it affects

AD Category-I banks, Importers/exporters dealing with deferred payments to Russia, Constituents with outstanding balances under the 1981/1985 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?

It is a basket of currencies used to value deferred payments under the protocols between India and the erstwhile USSR. Its Rupee value is periodically revised by RBI.

From when is the new rate effective?

The new rate of Rs. 68.838139 is effective from February 9, 2012, as per the circular.

Do I need to inform my customers?

Yes, the circular advises AD banks to bring the contents to the notice of their constituents concerned.

📜 Read the original circular — full text as issued by RBI
Notifications - Reserve Bank of India Skip to main content Selected Selected Change Language हिंदी Search the Website Search Home About Us ▼ About Us Organisation & Functions ▶ Organisation Structure Departments Offices Training Establishment ▶ College of Agricultural Banking Reserve Bank Staff College College of Supervisors RBI's Functions and Working Governors Deputy Governors Executive Directors Communication Policy of RBI Sources of Information ▶ Annual Publications Half-yearly Publications Quarterly Publications Monthly Publications Weekly Publications Occasional Publications SDDS NSDP Data Releases Publications available on Subscription General Information RBI History Museum ▶ The RBI Museum RBI Monetary Museum Notification ▼ Notifications Master Directions Master Circulars Amendment Directions Draft Notifications/Guidelines ▶ Draft Notifications/Guidelines Draft Directions (RE-wise) Index To RBI Circulars Standalone Circulars Circulars Withdrawn Press Releases Speeches & Media Interactions ▼ Speeches Media Interactions Memorial Lectures Podcasts Publications ▼ Biennial Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Occasional Reports Working Papers Legal Framework ▼ Act Rules Regulations Schemes Research ▼ External Research Schemes RBI Occasional Papers Working Papers RBI Bulletin History DRG Studies KLEMS State Statistics and Finances Statistics ▼ Data Releases Database on Indian Economy Public Debt Statistics Regulatory Reporting ▼ List of Returns Data Definition Validation rules/ Taxonomy List of RBI Reporting Portals FAQs of RBI Reporting Portals Home Notifications Notifications Withdrawn with effect from November 16, 2021, February 18, 2022, May 02, 2022, May 13, 2022, May 21, 2024, July 12, 2024 & October 01, 2024 ( 499 kb ) Deferred Payment Protocols between Government of India and erstwhile USSR RBI/2011-12/439 A.P. (DIR Series) Circular No. 91 March 13, 2012 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. 74 dated February 01, 2012 , wherein the Rupee value of the Special Currency Basket was indicated as Rs. 71.456679 effective from January 20,2012. 2. AD Category-I banks are advised that a further revision has taken place on February 6, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.68.838139 with effect from February 9, 2012. 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, (Dr. Sujatha Elizabeth Prasad) Chief General Manager 2026 All Months January February March April May June July August September October November December 2025 All Months January February March April May June July August September October November December 2024 All Months January February March April May June July August September October November December 2023 All Months January February March April May June July August September October November December 2022 All Months January February March April May June July August September October November December 2021 All Months January February March April May June July August September October November December 2020 All Months January February March April May June July August September October November December 2019 All Months January February March April May June July August September October November December 2018 All Months January February March April May June July August September October November December 2017 All Months January February March April May June July August September October November December Archives 2016 All Months January February March April May June July August September October November December 2015 All Months January February March April May June July August September October November December 2014 All Months January February March April May June July August September October November December 2013 All Months January February March April May June July August September October November December 2012 All Months January February March April May June July August September October November December 2011 All Months January February March April May June July August September October November December 2010 All Months January February March April May June July August September October November December 2009 All Months January February March April May June July August September October November December 2008 All Months January February March April May June July August September October November December 2007 All Months January February March April May June July August September October November December 2006 All Months January February March April May June July August September October November December 2005 All Months January February March April May June July August September October November December 2004 All Months January February March April May June July August September October November December 2003 All Months January February March April May June July August September October November December 2002 All Months January February March April May June July August September October November December 2001 All Months January February March April May June July August September October November December 2000 All Months January February March April May June July August September October November December 1999 All Months January February March April May June July August September October November December 1998 All Months January February March April May June July August September October November December 1997 All Months January February March April May June July August September October November December 1996 All Months January February March April May June July August September October November December 1995 All Months January February March April May June July August September October November December 1994 All Months January February March April May June July August September October November December 1993 All Months January February March April May June July August September October November December 1992 All Months January February March April May June July August September October November December 1991 All Months January February March April May June July August September October November December Top Back to previous page More Links : Bank Holidays Banking Glossary Citizen's Charter Complaints Contact Us COVID-19 Measures E-LMS Events FAQs Financial Education Forms IFSC/MICR Codes Important Websites Opportunities @ RBI RBI Clarifications RBI Kehta Hai RBI’s Vision and Values (1257 kb)--> Right to Information Act Tenders Follow RBI RSS Twitter YouTube Instagram Facebook LinkedIn © Reserve Bank of India. All Rights Reserved. Sitemap | Disclaimer Website owned and managed by Reserve Bank of India. Contact us on helpdoc[at]rbi[dot]org[dot]in Website last updated date: Jul 31, 2026 Supports: Google Chrome 147+ | Firefox 150+ | Microsoft Edge Version 147+ | Safari 17+ Accessibility Statement | Screen Reader and Accessibility Help
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/439 · issued 13 Mar 2012. The plain-English explanation above is BankPulse’s own independent summary.
🧰 Tools — save, print, templates & related
Most relevant forTrade Finance / Forex OperationsCorporate / Wholesale Banking RMCompliance TeamIT & Cyber SecurityCurrent Account / Trade RMNRI Relationship Manager
🛠 Banker’s toolkit — checklists & reply templates →
Related circulars · Foreign Exchange (FEMA)
RBI raises cash carry limit for travellers to Rs 7,500Rupee Value of Special Currency Basket Revised to Rs.60.897378ECB Policy Liberalised: Cost Ceilings Removed, NBFCs & Realty Get BoostECB: Integrated Township Exemption Removed, Cost Ceilings TightenedRBI Delegates Bank Guarantee Powers for Foreign Airlines to AD Banks
Browse all departments →
Who does what — compliance checklist
⚙️ Operations
  • Maintain records of the circular (A.P. DIR Series No. 91) for audit and compliance.
💻 IT / Systems
  • Update internal systems with the new Special Currency Basket value of Rs. 68.838139 effective February 9, 2012.
📜 Compliance
  • Inform all concerned constituents (importers/exporters) about the revised rate and its effective date.
  • Ensure all transactions under the Deferred Payment Protocols use the new rate from February 9, 2012 onward.
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, Importers/exporters dealing with deferred payments to Russia, Constituents with outstanding balances under the 1981/1985 protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised” is: “Update internal systems with the new Special Currency Basket value of Rs. 68.838139 effective February 9, 2012.” (RBI issued this 13 Mar 2012).

  1. Circular: RBI/2011-12/439 -- Rupee Value of Special Currency Basket Revised
  2. Issued: 13 Mar 2012
  3. Action required: Update internal systems with the new Special Currency Basket value of Rs. 68.838139 effective February 9, 2012.
  4. Action required: Inform all concerned constituents (importers/exporters) about the revised rate and its effective date.
  5. Action required: Ensure all transactions under the Deferred Payment Protocols use the new rate from February 9, 2012 onward.
  6. Action required: Maintain records of the circular (A.P. DIR Series No. 91) for audit and compliance.
  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.

💬 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.

Loading comments…
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=7056&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.
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 ↗
—