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Rupee Value of Special Currency Basket Revised to Rs. 70.965327 (Revision on March 7, 2012, Effective March 13, 2012)

Current · Source: Reserve Bank of India · RBI/2011-12/490 · issued 10 Apr 2012 · ~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. 70.965327, effective March 13, 2012 (revision took place on March 7, 2012). AD Category-I banks must update their systems and inform constituents.
The rule, in the simplest words
How it plays out — a real example

As a forex & trade-finance officer in Indore, I need to update our system with the new Rupee value of the Special Currency Basket, which is now Rs. 70.965327. I will inform our customers and branches about the revised rate, so they can accurately settle and report their deferred payment obligations under the 1981 and 1985 protocols with the former USSR. A forex & trade-finance officer in Indore updates the system with the new Special Currency Basket value.

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

Who it affects

AD Category-I banks, Constituents dealing with deferred payment transactions under the India-USSR 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 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.

📜 Read the original circular — full text as issued by RBI
RBI/2011-12/490 A.P. (DIR Series) Circular No. 105 April 10, 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. 91 dated March 13, 2012 , wherein the Rupee value of the Special Currency Basket was indicated as Rs. 68.838139 effective from February 9, 2012. 2. AD Category-I banks are advised that a further revision has taken place on March 7, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.70.965327 with effect from March 13, 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-in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/490 · issued 10 Apr 2012. 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 customers and branches, about the revised rate.
💻 IT / Systems
  • Update internal systems with the new Special Currency Basket value of Rs. 70.965327 effective March 13, 2012.
📜 Compliance
  • Ensure all transactions under the Deferred Payment Protocols use the updated rate from the effective date.
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, Constituents dealing with deferred payment transactions under the India-USSR protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 70.965327 (Revision on March 7, 2012, Effective March 13, 2012)” is: “Update internal systems with the new Special Currency Basket value of Rs. 70.965327 effective March 13, 2012.” (RBI issued this 10 Apr 2012).

  1. Circular: RBI/2011-12/490 -- Rupee Value of Special Currency Basket Revised to Rs. 70.965327 (Revision on March 7, 2012, Effective March 13, 2012)
  2. Issued: 10 Apr 2012
  3. Action required: Update internal systems with the new Special Currency Basket value of Rs. 70.965327 effective March 13, 2012.
  4. Action required: Inform all concerned constituents, including customers and branches, about the revised rate.
  5. Action required: Ensure all transactions under the Deferred Payment Protocols use the updated rate from the effective date.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. 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=7119&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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