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Rupee Value of Special Currency Basket Revised to Rs. 75.594562

Current · Source: Reserve Bank of India · RBI/2011-12/575 · issued 25 May 2012 · ~1 min read

Quick answerRBI revised the Rupee value of the Special Currency Basket under India-USSR Deferred Payment Protocols to Rs. 75.594562 effective May 9, 2012, from the earlier Rs. 73.305676. AD Category-I banks must update systems and inform constituents.

The rule, in the simplest words

Banks must update their systems with the new Rupee value of the Special Currency Basket, which is Rs. 75.594562.
The new basket value applies to all settlements from May 9, 2012.
Banks must notify their clients and trade finance desks about the revision.

How it plays out — a real example

Rahul, a forex & trade-finance officer in Indore, ensures that all deferred payment transactions under the India-USSR protocols use the correct Rupee value of the Special Currency Basket from May 9, 2012, to avoid incorrect payment calculations. He updates the bank's internal systems and exchange rate feeds with the new basket value and notifies all concerned constituents about the revision.

What changed

The Rupee value of the Special Currency Basket, used for deferred payments under the 1981 and 1985 protocols with the erstwhile USSR, was revised from Rs. 73.305676 (effective April 26, 2012) to Rs. 75.594562 effective May 9, 2012. This revision was made on May 4, 2012, and communicated via this circular dated May 25, 2012.

What it means for you

Banks handling transactions under these protocols must apply the new basket value for all settlements from May 9, 2012. This impacts the conversion rates for rupee-denominated payments linked to the basket, affecting trade finance and remittance operations. Non-compliance could lead to incorrect payment calculations.

What you must do

Update internal systems and exchange rate feeds with the new basket value of Rs. 75.594562 effective May 9, 2012.
Notify all concerned constituents, including corporate clients and trade finance desks, about the revision.
Ensure all deferred payment transactions under the protocols use the correct value from the effective date.
Maintain records of the circular and implementation for audit and regulatory compliance.

Who it affects

AD Category-I banks, Corporate clients with deferred payment obligations under India-USSR protocols, Trade finance and remittance departments

❓ Common questions

Regulatory timeline

Stated effective date effective May 9, 2012
Decoded by BankPulse 2026-06-18 20:18 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 payments under the 1981 and 1985 protocols between India and the erstwhile USSR.

When does the new value take effect?

The revised Rupee value of Rs. 75.594562 is effective from May 9, 2012.

What should banks do if they already processed transactions at the old rate after May 9?

Banks should adjust those transactions to reflect the correct value and inform the concerned parties, ensuring compliance with the circular.

📜 Read the original circular — full text as issued by RBI

RBI/2011-12/575 
 A.P. (DIR Series) Circular No.130 
 May 25, 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. 126 dated May 14, 2012 , wherein the Rupee value of the Special Currency Basket was indicated as Rs. 73.305676 effective from April 26, 2012.
 2. AD Category-I banks are advised that a further revision has taken place on May 4, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.75.594562 with effect from May 9, 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/2011-12/575 · issued 25 May 2012. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

⚙️ Operations

Maintain records of the circular and implementation for audit and regulatory compliance.

💻 IT / Systems

Update internal systems and exchange rate feeds with the new basket value of Rs. 75.594562 effective May 9, 2012.

📜 Compliance

Notify all concerned constituents, including corporate clients and trade finance desks, about the revision.
Ensure all deferred payment transactions under the protocols use the correct value 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, Corporate clients with deferred payment obligations under India-USSR protocols, Trade finance and remittance departments), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 75.594562” is: “Update internal systems and exchange rate feeds with the new basket value of Rs. 75.594562 effective May 9, 2012.” (RBI issued this 25 May 2012).

Circular: RBI/2011-12/575 -- Rupee Value of Special Currency Basket Revised to Rs. 75.594562
Issued: 25 May 2012
Action required: Update internal systems and exchange rate feeds with the new basket value of Rs. 75.594562 effective May 9, 2012.
Action required: Notify all concerned constituents, including corporate clients and trade finance desks, about the revision.
Action required: Ensure all deferred payment transactions under the protocols use the correct value from the effective date.
Action required: Maintain records of the circular and implementation for audit and regulatory compliance.
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.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7234&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.