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
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.