What changed
The Rupee value of the Special Currency Basket was revised from Rs. 75.570411 (effective October 25, 2012) to Rs. 73.141761, effective March 18, 2013. This change is under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR.
What it means for you
Banks handling transactions under these protocols must use the new basket value for settlements from March 18, 2013. The revision reflects changes in the underlying currency basket and impacts the Rupee equivalent of payments. AD Category-I banks need to ensure accurate application to avoid discrepancies in cross-border settlements.
What you must do
- Update internal systems and records with the new Special Currency Basket value of Rs. 73.141761 effective March 18, 2013.
- Notify all concerned constituents, including corporate clients, about the revised Rupee value for transactions under the Deferred Payment Protocols.
- Ensure that all transactions from March 18, 2013 use the updated value for accurate settlement.
- Review and align any pending or future transactions with the new basket rate to maintain compliance.
Who it affects
AD Category-I banks, Corporate clients dealing with payments under India-USSR Deferred Payment Protocols, Treasury and forex operations teams
What is the Special Currency Basket and why was its value revised?
The Special Currency Basket is a reference rate used for settlements under the Deferred Payment Protocols between India and the erstwhile USSR. Its value was revised from Rs. 75.570411 to Rs. 73.141761 effective March 18, 2013, reflecting changes in the underlying currency composition.
Which banks are affected by this circular?
All AD Category-I banks are required to implement this revision and inform their constituents. The circular applies to transactions under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985.
What is the effective date for the new Rupee value?
The revised Rupee value of Rs. 73.141761 is effective from March 18, 2013. Transactions from this date must use the updated rate.