What changed
The Rupee value of the special currency basket was revised from Rs 73.141761 (effective March 18, 2013) to Rs 75.705663, effective June 5, 2013. This revision was made on May 31, 2013, and communicated via this circular.
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 must ensure accurate conversion rates for related payments and reporting.
What you must do
- Update internal systems with the new Rupee value of Rs 75.705663 for the special currency basket effective June 5, 2013.
- Inform all relevant constituents, including corporate clients, about the revised rate for deferred payment transactions.
- Ensure compliance with FEMA sections 10(4) and 11(1) when processing related payments.
Who it affects
AD Category-I banks, Corporate clients with deferred payment obligations under the protocols
What is the new Rupee value of the special currency basket?
The Rupee value has been revised to Rs 75.705663, effective from June 5, 2013.
Which previous value does this replace?
It replaces the earlier value of Rs 73.141761, which was effective from March 18, 2013.
Who needs to act on this circular?
All AD Category-I banks must update their systems and notify their constituents about the revised rate.