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Rupee Value of Special Currency Basket Revised to Rs 78.19

Current · Source: Reserve Bank of India · RBI/2012-13/120 · issued 06 Jul 2012 · ~1 min read
Quick answerRBI revised the Rupee value of the Special Currency Basket under Deferred Payment Protocols with the erstwhile USSR to Rs 78.193501, effective June 26, 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

A forex & trade-finance officer in Indore, working at a Category-I bank, must ensure that their system reflects the new Rupee value of the Special Currency Basket by June 26, 2012, to process transactions under Deferred Payment Protocols correctly. They must also inform their customers about the change to avoid any confusion or delays in settlements.

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

Who it affects

AD Category-I banks, Constituents involved in transactions under Deferred Payment Protocols with the erstwhile USSR

❓ 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 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.

📜 Read the original circular — full text as issued by RBI
RBI/2012-13/120 A.P. (DIR Series) Circular No. 2 July 6, 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. 130 dated May 25, 2012 , wherein the Rupee value of the Special Currency Basket was indicated as Rs. 75.594562 effective from May 9, 2012. 2. AD Category-I banks are advised that a further revision has taken place on June 21, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.78.193501 with effect from June 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/2012-13/120 · issued 06 Jul 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update your systems to reflect the new Special Currency Basket value of Rs 78.193501 effective June 26, 2012.
📜 Compliance
  • 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.
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 involved in transactions under Deferred Payment Protocols with the erstwhile USSR), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs 78.19” is: “Update your systems to reflect the new Special Currency Basket value of Rs 78.193501 effective June 26, 2012.” (RBI issued this 06 Jul 2012).

  1. Circular: RBI/2012-13/120 -- Rupee Value of Special Currency Basket Revised to Rs 78.19
  2. Issued: 06 Jul 2012
  3. Action required: Update your systems to reflect the new Special Currency Basket value of Rs 78.193501 effective June 26, 2012.
  4. Action required: Inform all concerned constituents about the revised Rupee value for transactions under the Deferred Payment Protocols.
  5. Action required: Ensure compliance with FEMA sections 10(4) and 11(1) for all related transactions.
  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=7431&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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