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Rupee Value of Special Currency Basket Revised to ₹80.97

Current · Source: Reserve Bank of India · RBI/2013-14/125 · issued 08 Jul 2013 · ~1 min read

Quick answerRBI has revised the Rupee value of the Special Currency Basket under the Deferred Payment Protocols with the erstwhile USSR to ₹80.972091, effective June 25, 2013. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The RBI changed the Rupee value of the Special Currency Basket (a special rate for payments with the old USSR) from ₹78.374512 to ₹80.972091, starting June 25, 2013.
Banks that handle deferred payment (paying later) deals under the 1981 and 1985 agreements with the old USSR must use this new value for all settlements from June 25, 2013.
Banks must update their computer systems with the new value and tell their customers, like companies that trade under these agreements, about the change.
Banks must follow FEMA rules (sections 10(4) and 11(1)) when making this change, to keep everything legal.

How it plays out — a real example

A forex & trade-finance officer in Indore, Priya, processes a deferred payment for a client importing machinery under the 1985 protocol. She updates her bank's system to the new Special Currency Basket value of ₹80.972091, ensuring the settlement on June 25, 2013, uses the correct rate, and then emails the client to confirm the revised conversion.

What changed

The Rupee value of the Special Currency Basket was revised from ₹78.374512 (effective June 13, 2013) to ₹80.972091, effective June 25, 2013. This revision was made on June 20, 2013, and communicated via this circular dated July 8, 2013.

What it means for you

Banks handling deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR must use the new basket value for all settlements from June 25, 2013. This impacts the conversion rates for related trade payments and requires system updates to avoid discrepancies.

What you must do

Update your systems with the new Special Currency Basket value of ₹80.972091 effective June 25, 2013.
Inform all concerned constituents, including corporate clients dealing with deferred payment transactions under the protocols.
Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.

Who it affects

AD Category-I banks handling deferred payment transactions with the erstwhile USSR, Corporate clients involved in trade settlements under the 1981 and 1985 protocols

❓ Common questions

Regulatory timeline

Stated effective date effective June 25, 2013
Decoded by BankPulse 2026-06-18 13:55 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 is its value revised?

The Special Currency Basket is a reference rate used for settling deferred payments under protocols between India and the erstwhile USSR. Its value is revised periodically by RBI based on currency movements.

When does the new basket value become effective?

The revised value of ₹80.972091 is effective from June 25, 2013, as per the revision made on June 20, 2013.

Do we need to inform our customers about this change?

Yes, AD Category-I banks must bring the contents of this circular to the notice of their constituents concerned, as per the directive.

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

RBI/2013-14/125
 A.P. (DIR Series) Circular No.5
 July 8, 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.03 dated July 04, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.78.374512 effective from June 13, 2013.
 2. AD Category-I banks are advised that a further revision has taken place on June 20, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.80.972091 with effect from June 25, 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/2013-14/125 · issued 08 Jul 2013. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

💻 IT / Systems

Update your systems with the new Special Currency Basket value of ₹80.972091 effective June 25, 2013.

📜 Compliance

Inform all concerned constituents, including corporate clients dealing with deferred payment transactions under the protocols.
Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.

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 handling deferred payment transactions with the erstwhile USSR, Corporate clients involved in trade settlements under the 1981 and 1985 protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to ₹80.97” is: “Update your systems with the new Special Currency Basket value of ₹80.972091 effective June 25, 2013.” (RBI issued this 08 Jul 2013).

Circular: RBI/2013-14/125 -- Rupee Value of Special Currency Basket Revised to ₹80.97
Issued: 08 Jul 2013
Action required: Update your systems with the new Special Currency Basket value of ₹80.972091 effective June 25, 2013.
Action required: Inform all concerned constituents, including corporate clients dealing with deferred payment transactions under the protocols.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.
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=8218&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.