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Rupee Value of Special Currency Basket Revised to Rs. 73.14

Current · Source: Reserve Bank of India · RBI/2012-13/471 · issued 04 Apr 2013 · ~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. 73.141761, effective March 18, 2013. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The RBI changed the value of a special money basket (a mix of foreign currencies used for old payments with Russia) from Rs. 75.57 to Rs. 73.14, starting March 18, 2013.
Banks that are allowed to deal in foreign money (AD Category-I banks) must update their computer systems and tell their customers about this new value.
All payments under old agreements with the former USSR (Russia) from March 18, 2013 must use the new basket value of Rs. 73.14 to avoid mistakes.

How it plays out — a real example

A forex & trade-finance officer in Indore receives a payment from a client under the old India-USSR trade deal. She checks the RBI circular and updates her system to use the new basket value of Rs. 73.14 instead of the old Rs. 75.57, ensuring the settlement is correct and her client gets the right amount.

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

❓ Common questions

Regulatory timeline

Stated effective date effective March 18, 2013
Decoded by BankPulse 2026-06-18 15:47 IST

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 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.

📜 Read the original circular — full text as issued by RBI

RBI/2012-13/471
 A.P. (DIR Series) Circular No. 95
 April 4, 2013
 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. 53 dated November 20, 2012 wherein the Rupee value of the Special Currency Basket was indicated as Rs. 75.570411 effective from October 25, 2012.
 2. AD Category-I banks are advised that a further revision has taken place on March 13, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.73.141761 with effect from March 18, 2013.
 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/2012-13/471 · issued 04 Apr 2013. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

⚙️ Operations

Ensure that all transactions from March 18, 2013 use the updated value for accurate settlement.

💻 IT / Systems

Update internal systems and records with the new Special Currency Basket value of Rs. 73.141761 effective March 18, 2013.

📜 Compliance

Notify all concerned constituents, including corporate clients, about the revised Rupee value for transactions under the Deferred Payment Protocols.
Review and align any pending or future transactions with the new basket rate to maintain compliance.

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, Corporate clients dealing with payments under India-USSR Deferred Payment Protocols, Treasury and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs. 73.14” is: “Update internal systems and records with the new Special Currency Basket value of Rs. 73.141761 effective March 18, 2013.” (RBI issued this 04 Apr 2013).

Circular: RBI/2012-13/471 -- Rupee Value of Special Currency Basket Revised to Rs. 73.14
Issued: 04 Apr 2013
Action required: Update internal systems and records with the new Special Currency Basket value of Rs. 73.141761 effective March 18, 2013.
Action required: Notify all concerned constituents, including corporate clients, about the revised Rupee value for transactions under the Deferred Payment Protocols.
Action required: Ensure that all transactions from March 18, 2013 use the updated value for accurate settlement.
Action required: Review and align any pending or future transactions with the new basket rate to maintain compliance.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
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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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7928&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.