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Rupee Value of Special Currency Basket Revised to Rs.75.037184

Current · Source: Reserve Bank of India · RBI/2012-13/233 · issued 04 Oct 2012 · ~1 min read
Quick answerRBI revised the Rupee value of the Special Currency Basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.75.037184, effective September 27, 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, Priya, handles payments for old trade deals with Russia. On September 27, 2012, she logs into her bank's system and updates the special basket value from Rs.78.105433 to Rs.75.037184, then sends an email to her corporate clients explaining the new rate so their next payment is calculated correctly.

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

Who it affects

AD Category-I banks, Constituents dealing with deferred payment protocols under the India-USSR agreements

❓ 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?

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.

📜 Read the original circular — full text as issued by RBI
RBI/2012-13/233 A.P. (DIR Series) Circular No. 38 October 4, 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. 37 dated September 26, 2012 wherein the Rupee value of the Special Currency Basket was indicated as Rs.78.105433 effective from September 17, 2012. 2. AD Category-I banks are advised that a further revision has taken place on September 24, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.75.037184 with effect from September 27, 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/2012-13/233 · issued 04 Oct 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update internal systems with the new Special Currency Basket value of Rs.75.037184 effective September 27, 2012.
📜 Compliance
  • Inform all concerned constituents about the revised Rupee value.
  • Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this change.
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 dealing with deferred payment protocols under the India-USSR agreements), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.75.037184” is: “Update internal systems with the new Special Currency Basket value of Rs.75.037184 effective September 27, 2012.” (RBI issued this 04 Oct 2012).

  1. Circular: RBI/2012-13/233 -- Rupee Value of Special Currency Basket Revised to Rs.75.037184
  2. Issued: 04 Oct 2012
  3. Action required: Update internal systems with the new Special Currency Basket value of Rs.75.037184 effective September 27, 2012.
  4. Action required: Inform all concerned constituents about the revised Rupee value.
  5. Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this change.
  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=7604&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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