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Rupee Value of Special Currency Basket Revised to Rs.75.57

Current · Source: Reserve Bank of India · RBI/2012-13/301 · issued 20 Nov 2012 · ~2 min read
Quick answerRBI revised the Rupee value of the Special Currency Basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.75.570411, effective October 25, 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

Sanjay, a foreign exchange officer at a Mumbai bank, receives a deferred payment request from a client trading with a former USSR partner. He checks the RBI circular, updates the basket value to Rs.75.570411 in the bank’s settlement system, and confirms the revised rupee amount to the client, ensuring the transaction complies with FEMA.

What changed

The Rupee value of the Special Currency Basket, used for deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR, was revised from Rs.75.037184 (effective September 27, 2012) to Rs.75.570411, effective October 25, 2012. This revision was communicated via a circular dated November 20, 2012.

What it means for you

Banks handling legacy trade settlements under these protocols must use the new basket value for all transactions from October 25, 2012. This impacts the conversion rates for outstanding payments and may affect the rupee liability of counterparties. Accurate application is essential to avoid discrepancies in settlement amounts.

What you must do

Who it affects

AD Category-I banks handling deferred payment transactions under Indo-USSR protocols, Corporate clients with legacy trade settlements under these protocols

❓ 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 settling deferred payments under the 1981 and 1985 protocols between India and the erstwhile USSR. Its Rupee value is periodically revised by RBI to reflect currency fluctuations, ensuring accurate settlement amounts.

Which transactions are affected by this circular?

All deferred payment transactions under the April 30, 1981 and December 23, 1985 protocols with the erstwhile USSR, effective from October 25, 2012. Banks must use the new rate of Rs.75.570411 for such settlements.

What are the legal implications of non-compliance?

The circular is issued under FEMA sections 10(4) and 11(1). Non-compliance may lead to regulatory action, including penalties. Banks must ensure accurate application and inform all relevant parties.

📜 Read the original circular — full text as issued by RBI
RBI/2012-13/301 A.P. (DIR Series) Circular No. 53 November 20, 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. 38 dated October 4, 2012 wherein the Rupee value of the Special Currency Basket was indicated as Rs.75.037184 effective from September 27, 2012. 2. AD Category-I banks are advised that a further revision has taken place on October 19, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.75.570411 with effect from October 25, 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/2012-13/301 · issued 20 Nov 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Maintain records of the circular and confirm compliance with FEMA sections 10(4) and 11(1).
💻 IT / Systems
  • Update internal systems and reference rates to reflect the new Special Currency Basket value of Rs.75.570411 from October 25, 2012.
📜 Compliance
  • Notify all concerned constituents, including corporate clients with exposure to these protocols, about the revised rate.
  • Ensure all deferred payment transactions under the 1981 and 1985 protocols are processed using the updated basket value.
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 Indo-USSR protocols, Corporate clients with legacy trade settlements under these protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.75.57” is: “Update internal systems and reference rates to reflect the new Special Currency Basket value of Rs.75.570411 from October 25, 2012.” (RBI issued this 20 Nov 2012).

  1. Circular: RBI/2012-13/301 -- Rupee Value of Special Currency Basket Revised to Rs.75.57
  2. Issued: 20 Nov 2012
  3. Action required: Update internal systems and reference rates to reflect the new Special Currency Basket value of Rs.75.570411 from October 25, 2012.
  4. Action required: Notify all concerned constituents, including corporate clients with exposure to these protocols, about the revised rate.
  5. Action required: Ensure all deferred payment transactions under the 1981 and 1985 protocols are processed using the updated basket value.
  6. Action required: Maintain records of the circular and confirm compliance with FEMA sections 10(4) and 11(1).
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. 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=7705&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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