What changed
The Rupee value of the Special Currency Basket was revised from Rs. 68.838139 (effective February 9, 2012) to Rs. 70.965327, effective March 13, 2012. This revision was made on March 7, 2012, and communicated via this circular.
What it means for you
This revision impacts the valuation of deferred payment obligations under the 1981 and 1985 protocols with the former USSR. Banks handling these transactions must use the new rate for accurate settlement and reporting.
What you must do
- Update internal systems with the new Special Currency Basket value of Rs. 70.965327 effective March 13, 2012.
- Inform all concerned constituents, including customers and branches, about the revised rate.
- Ensure all transactions under the Deferred Payment Protocols use the updated rate from the effective date.
Who it affects
AD Category-I banks, Constituents dealing with deferred payment transactions under the India-USSR protocols
What is the Special Currency Basket?
It is a valuation mechanism used under the Deferred Payment Protocols between India and the erstwhile USSR, determining the Rupee equivalent for settlement of obligations.
When does the new rate take effect?
The revised Rupee value of Rs. 70.965327 is effective from March 13, 2012.
Do I need to inform my customers?
Yes, AD Category-I banks must bring the circular's contents to the notice of their constituents concerned.