What changed
The Rupee value of the Special Currency Basket, previously set at Rs.78.105433 effective September 17, 2012, was revised to Rs.75.037184 effective September 27, 2012. This change is based on a further revision that occurred on September 24, 2012.
What it means for you
This revision impacts the valuation of deferred payment obligations between India and the erstwhile USSR, affecting banks handling these transactions. AD Category-I banks need to adjust their accounting and reporting systems to reflect the new basket value for accurate settlement.
What you must do
- Update internal systems with the new Special Currency Basket value of Rs.75.037184 effective September 27, 2012.
- Inform all concerned constituents about the revised Rupee value.
- Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this change.
Who it affects
AD Category-I banks, Constituents dealing with deferred payment protocols under the India-USSR agreements
What is the Special Currency Basket?
It is a mechanism used under the Deferred Payment Protocols between India and the erstwhile USSR to value payments in Rupees, periodically revised by RBI.
When does the new value take effect?
The revised Rupee value of Rs.75.037184 is effective from September 27, 2012.
Which banks are required to act on this circular?
All AD Category-I banks must implement the revision and notify their constituents.