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Rupee Value of Special Currency Basket Revised for USSR Deferred Payment Protocols

Current · Source: Reserve Bank of India · RBI/2012-13/225 · issued 26 Sep 2012 · ~2 min read
Quick answerRBI revised the Rupee value of the Special Currency Basket under India-USSR Deferred Payment Protocols to Rs.78.105433 effective September 17, 2012, from the earlier Rs.75.816175. 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 treasury officer named Anil at a Category‑I bank in Mumbai receives a request from a corporate client to settle a deferred payment under the India‑USSR protocol. He checks the new basket value of Rs.78.105433, updates the settlement amount in the bank’s system, and sends a confirmation to the client, ensuring the payment is processed at the correct rupee equivalent.

What changed

The Rupee value of the Special Currency Basket, used for deferred payment protocols between India and the erstwhile USSR, was revised from Rs.75.816175 (effective July 6, 2012) to Rs.78.105433 effective September 17, 2012. This revision was communicated via A.P. (DIR Series) Circular No. 37 dated September 26, 2012.

What it means for you

Banks handling transactions under the India-USSR Deferred Payment Protocols must use the new basket value for all settlements from September 17, 2012. The increase reflects changes in the underlying currency basket composition or exchange rates, impacting the rupee equivalent of outstanding payments. Lenders should ensure accurate conversion and reporting to avoid discrepancies.

What you must do

Who it affects

AD Category-I banks handling deferred payment transactions under India-USSR protocols, Corporate clients with outstanding obligations under the 1981 and 1985 Deferred Payment Protocols, Treasury and forex operations teams at authorized dealer banks

❓ 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 Special Currency Basket and why does its value change?

The Special Currency Basket is a reference rate used for settlements under the Deferred Payment Protocols between India and the erstwhile USSR. Its value is revised periodically by RBI based on changes in the underlying currency composition or exchange rates.

Which transactions are affected by this revision?

All transactions under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR are affected. The new rate applies from September 17, 2012.

Do we need to adjust past transactions before September 17, 2012?

No, the revision is effective only from September 17, 2012. Transactions prior to that date should use the earlier rate of Rs.75.816175 as per the July 6, 2012 circular.

📜 Read the original circular — full text as issued by RBI
RBI/2012-13/225 A.P. (DIR Series) Circular No. 37 September 26, 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. 6 dated July 13, 2012 wherein the Rupee value of the Special Currency Basket was indicated as Rs. 75.816175 effective from July 6, 2012. 2. AD Category-I banks are advised that a further revision has taken place on September 13, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.78.105433 with effect from September 17, 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/2012-13/225 · issued 26 Sep 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Review and adjust any pending settlements or invoices dated on or after September 17, 2012 to reflect the revised rate.
💻 IT / Systems
  • Update your systems with the new Special Currency Basket value of Rs.78.105433 effective September 17, 2012.
📜 Compliance
  • Inform all concerned constituents, including corporate clients dealing with deferred payment transactions under the India-USSR protocols.
  • Ensure compliance with FEMA sections 10(4) and 11(1) as cited in the circular.
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 handling deferred payment transactions under India-USSR protocols, Corporate clients with outstanding obligations under the 1981 and 1985 Deferred Payment Protocols, Treasury and forex operations teams at authorized dealer banks), your first concrete step on “Rupee Value of Special Currency Basket Revised for USSR Deferred Payment Protocols” is: “Update your systems with the new Special Currency Basket value of Rs.78.105433 effective September 17, 2012.” (RBI issued this 26 Sep 2012).

  1. Circular: RBI/2012-13/225 -- Rupee Value of Special Currency Basket Revised for USSR Deferred Payment Protocols
  2. Issued: 26 Sep 2012
  3. Action required: Update your systems with the new Special Currency Basket value of Rs.78.105433 effective September 17, 2012.
  4. Action required: Inform all concerned constituents, including corporate clients dealing with deferred payment transactions under the India-USSR protocols.
  5. Action required: Review and adjust any pending settlements or invoices dated on or after September 17, 2012 to reflect the revised rate.
  6. Action required: Ensure compliance with FEMA sections 10(4) and 11(1) as cited in the circular.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7592&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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