What changed
The Rupee value of the Special Currency Basket was revised from Rs 75.594562 (effective May 9, 2012) to Rs 78.193501, effective June 26, 2012. This revision was made on June 21, 2012, and communicated via this circular dated July 6, 2012.
What it means for you
Banks handling transactions under the Deferred Payment Protocols with the erstwhile USSR must use the new Rupee value for all related settlements from June 26, 2012. This change affects the conversion rate for payments under these protocols and requires system updates and customer communication.
What you must do
- Update your systems to reflect the new Special Currency Basket value of Rs 78.193501 effective June 26, 2012.
- Inform all concerned constituents about the revised Rupee value for transactions under the Deferred Payment Protocols.
- Ensure compliance with FEMA sections 10(4) and 11(1) for all related transactions.
Who it affects
AD Category-I banks, Constituents involved in transactions under Deferred Payment Protocols with the erstwhile USSR
What is the new Rupee value of the Special Currency Basket?
The new Rupee value is Rs 78.193501, effective from June 26, 2012.
Which transactions does this revision apply to?
This revision applies to transactions under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR.
What should AD Category-I banks do with this information?
Banks must update their systems, inform relevant constituents, and ensure compliance with FEMA provisions.