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
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.