What changed
The Rupee value of the special currency basket, previously set at Rs.75.705663 effective June 5, 2013, has been revised to Rs.78.374512 effective June 13, 2013. This revision follows a further change on June 10, 2013.
What it means for you
Banks handling transactions under the deferred payment protocols with the erstwhile USSR must use the new Rupee value for settlements from June 13, 2013. This affects the conversion rate for outstanding payments and may impact the Rupee liability of counterparties.
What you must do
- Update internal systems with the new Rupee value of Rs.78.374512 for the special currency basket effective June 13, 2013.
- Notify all concerned constituents, including corporate clients and branches, about the revised rate.
- Ensure all transactions under the deferred payment protocols from June 13, 2013, use the updated value.
- Maintain records of the previous and current rates for audit and compliance purposes.
Who it affects
AD Category-I banks, Corporate clients with deferred payment obligations to the erstwhile USSR, Treasury and forex operations teams
What is the special currency basket used for?
It is used to determine the Rupee value for deferred payment protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR.
When does the new Rupee value take effect?
The revised Rupee value of Rs.78.374512 is effective from June 13, 2013.
Do we need to inform customers about this change?
Yes, AD Category-I banks must bring the contents of this circular to the notice of their constituents concerned.