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Rupee Value of Special Currency Basket Revised to Rs.78.374512

Current · Source: Reserve Bank of India · RBI/2013-14/119 · issued 04 Jul 2013 · ~1 min read

Quick answerRBI has revised the Rupee value of the special currency basket for deferred payment protocols with the erstwhile USSR to Rs.78.374512, effective June 13, 2013. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

AD Category‑I banks (big banks allowed to trade foreign money) must change the Rupee value of the special currency basket to Rs.78.374512 starting June 13, 2013.
All payments under the old deferred payment agreements (special deals to pay later) with the former USSR must use the new Rupee value from that date.
Banks must update their computer systems, tell their customers and branches about the new rate, and keep a record of the old and new numbers for audits.
The change is required by RBI under the Foreign Exchange Management Act, so it must be followed even if other approvals are also needed.

How it plays out — a real example

On June 13, 2013, Ananya, a foreign‑exchange officer at an AD Category‑I bank in Delhi, logged into the bank’s treasury system, entered the new Rupee value of Rs.78.374512, emailed corporate clients about the updated rate, and confirmed that all pending payments to the former USSR would be settled using this new figure.

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

❓ Common questions

Regulatory timeline

Stated effective date effective June 13, 2013
Decoded by BankPulse 2026-06-18 14:02 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 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.

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

RBI/2013-14/119
 A.P. (DIR Series) Circular No.03
 July  04, 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.112 dated June 20, 2013 , wherein the Rupee value of the special currency basket was indicated as Rs.75.705663 effective from June 05, 2013.
 2. AD Category-I banks are advised that a further revision has taken place on June 10, 2013 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.78.374512 with effect from June 13, 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,
 (C.D.Srinivasan)
 Chief General Manager

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/119 · issued 04 Jul 2013. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

🏦 Branch Manager

Notify all concerned constituents, including corporate clients and branches, about the revised rate.

⚙️ Operations

Maintain records of the previous and current rates for audit and compliance purposes.

💻 IT / Systems

Update internal systems with the new Rupee value of Rs.78.374512 for the special currency basket effective June 13, 2013.

📜 Compliance

Ensure all transactions under the deferred payment protocols from June 13, 2013, use the updated 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, Corporate clients with deferred payment obligations to the erstwhile USSR, Treasury and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.78.374512” is: “Update internal systems with the new Rupee value of Rs.78.374512 for the special currency basket effective June 13, 2013.” (RBI issued this 04 Jul 2013).

Circular: RBI/2013-14/119 -- Rupee Value of Special Currency Basket Revised to Rs.78.374512
Issued: 04 Jul 2013
Action required: Update internal systems with the new Rupee value of Rs.78.374512 for the special currency basket effective June 13, 2013.
Action required: Notify all concerned constituents, including corporate clients and branches, about the revised rate.
Action required: Ensure all transactions under the deferred payment protocols from June 13, 2013, use the updated value.
Action required: Maintain records of the previous and current rates for audit and compliance purposes.
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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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8211&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.