Rupee Value of Special Currency Basket Revised to Rs 73.305676
Current · Source: Reserve Bank of India · RBI/2011-12/561 · issued 14 May 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 73.305676, effective April 26, 2012. AD Category-I banks must update their systems and inform constituents.
The rule, in the simplest words
Update your systems to reflect the new Rupee value of Rs 73.305676 for the Special Currency Basket effective April 26, 2012.
Inform all concerned constituents, including importers and exporters dealing with deferred payments under the protocols.
Use the new Rupee value for settlements in deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR.
How it plays out — a real example
A forex & trade-finance officer in Indore, Mr. Kumar, ensured that the new Rupee value of Rs 73.305676 was applied to all deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR, accurately reflecting the revised conversion rate for importers and exporters involved in these trade-related payments.
What changed
The Rupee value of the Special Currency Basket, previously set at Rs 70.965327 effective March 13, 2012, has been revised upward to Rs 73.305676. This change took effect from April 26, 2012, as per the latest revision on April 23, 2012.
What it means for you
Banks handling deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR must use the new Rupee value for settlements. This revision impacts the conversion rate for these specific trade-related payments, potentially affecting the cost for importers and exporters involved.
What you must do
Update your systems to reflect the new Rupee value of Rs 73.305676 for the Special Currency Basket effective April 26, 2012.
Inform all concerned constituents, including importers and exporters dealing with deferred payments under the protocols.
Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.
Who it affects
AD Category-I banks, Importers and exporters under the Deferred Payment Protocols with erstwhile USSR
❓ Common questions
Regulatory timeline
Stated effective dateeffective April 26, 2012
Decoded by BankPulse2026-06-18 20:20 IST
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 determine the Rupee value for deferred payment transactions under the 1981 and 1985 protocols between India and the erstwhile USSR.
When does the new Rupee value take effect?
The revised Rupee value of Rs 73.305676 is effective from April 26, 2012.
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/561
A.P. (DIR Series) Circular No. 126
May 14, 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. 105 dated April 10, 2012 , wherein the Rupee value of the Special Currency Basket was indicated as Rs. 70.965327 effective from March 13, 2012.
2. AD Category-I banks are advised that a further revision has taken place on April 23, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.73.305676 with effect from April 26, 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,
(Rashmi Fauzdar)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/561 · issued 14 May 2012. The plain-English explanation above is BankPulse’s own independent summary.
Update your systems to reflect the new Rupee value of Rs 73.305676 for the Special Currency Basket effective April 26, 2012.
📜 Compliance
Inform all concerned constituents, including importers and exporters dealing with deferred payments under the protocols.
Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.
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 and exporters under the Deferred Payment Protocols with erstwhile USSR), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs 73.305676” is: “Update your systems to reflect the new Rupee value of Rs 73.305676 for the Special Currency Basket effective April 26, 2012.” (RBI issued this 14 May 2012).
Circular: RBI/2011-12/561 -- Rupee Value of Special Currency Basket Revised to Rs 73.305676
Issued: 14 May 2012
Action required: Update your systems to reflect the new Rupee value of Rs 73.305676 for the Special Currency Basket effective April 26, 2012.
Action required: Inform all concerned constituents, including importers and exporters dealing with deferred payments under the protocols.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
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.
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=7210&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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