What changed
The Rupee value of the Special Currency Basket, previously set at Rs. 71.456679 from January 20, 2012, was revised downward to Rs. 68.838139 effective February 9, 2012. This change applies to deferred payment protocols between India and the erstwhile USSR.
What it means for you
Banks handling transactions under these protocols must use the new rate for all related settlements from February 9, 2012. The lower Rupee value reduces the Rupee equivalent of the basket, impacting payment calculations for exporters and importers under these protocols.
What you must do
- Update internal systems and records with the new Rupee value of Rs. 68.838139 effective February 9, 2012.
- Notify all concerned constituents, including exporters and importers, about the revised rate.
- Ensure all transactions under the Deferred Payment Protocols from February 9, 2012, use the updated basket value.
Who it affects
AD Category-I banks, Exporters and importers under India-USSR deferred payment protocols, Constituents dealing with Special Currency Basket transactions
What is the Special Currency Basket?
It is a basket of currencies used to settle deferred payment obligations under protocols between India and the erstwhile USSR, with its Rupee value periodically revised by RBI.
When does the new rate take effect?
The revised Rupee value of Rs. 68.838139 is effective from February 9, 2012, as per the circular.