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Rupee Value of Special Currency Basket Revised to Rs.83.45

Current · Source: Reserve Bank of India · RBI/2013-14/188 · issued 14 Aug 2013 · ~2 min read

Quick answerRBI has revised the Rupee value of the Special Currency Basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.83.45023, effective August 12, 2013. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

Banks must update their systems with the new Special Currency Basket value of Rs.83.45023 effective August 12, 2013.
Inform all concerned constituents, including corporate clients dealing with erstwhile USSR trade settlements.
Ensure compliance with FEMA sections 10(4) and 11(1) for all transactions under these protocols.

How it plays out — a real example

A forex & trade-finance officer in Indore, Mr. Kumar, must update the bank's system with the new Special Currency Basket value of Rs.83.45023 to ensure accurate conversions for trade settlements with the erstwhile USSR. He also informs the corporate clients about the change and ensures that all transactions comply with FEMA sections 10(4) and 11(1).

What changed

The Rupee value of the Special Currency Basket, used for deferred payment protocols with the erstwhile USSR, was revised from Rs.80.972091 (effective June 25, 2013) to Rs.83.45023, effective August 12, 2013. This revision was notified via A.P. (DIR Series) Circular No.26 dated August 14, 2013.

What it means for you

Banks handling transactions under the India-USSR deferred payment protocols must use the new basket value for all settlements from August 12, 2013. This change impacts the conversion rates for related trade and debt repayments, requiring system updates and customer communication.

What you must do

Update your systems with the new Special Currency Basket value of Rs.83.45023 effective August 12, 2013.
Inform all concerned constituents, including corporate clients dealing with erstwhile USSR trade settlements.
Ensure compliance with FEMA sections 10(4) and 11(1) for all transactions under these protocols.

Who it affects

AD Category-I banks, Corporate clients with deferred payment obligations to erstwhile USSR, Trade finance departments handling protocol-based settlements

❓ Common questions

Regulatory timeline

Stated effective date effective August 12, 2013
Decoded by BankPulse 2026-06-18 13:23 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 was its value revised?

The Special Currency Basket is a reference rate used for settlements under the Deferred Payment Protocols between India and the erstwhile USSR. Its value was revised from Rs.80.972091 to Rs.83.45023 effective August 12, 2013, reflecting changes in currency valuations.

Which transactions are affected by this revision?

All transactions under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR are affected. Banks must use the new rate for settlements from August 12, 2013.

What are the compliance requirements for AD Category-I banks?

Banks must update their systems with the new rate, inform all concerned constituents, and ensure all related transactions comply with FEMA sections 10(4) and 11(1).

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

RBI/2013-14/188
 A.P. (DIR Series) Circular No.26
 August 14, 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.05 dated July 08, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.80.972091 effective from June 25, 2013.
 2. AD Category-I banks are advised that a further revision has taken place on August 06, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.83.45023 with effect from August 12, 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/2013-14/188 · issued 14 Aug 2013. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

⚙️ Operations

Inform all concerned constituents, including corporate clients dealing with erstwhile USSR trade settlements.

💻 IT / Systems

Update your systems with the new Special Currency Basket value of Rs.83.45023 effective August 12, 2013.

📜 Compliance

Ensure compliance with FEMA sections 10(4) and 11(1) for all transactions under these protocols.

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 erstwhile USSR, Trade finance departments handling protocol-based settlements), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.83.45” is: “Update your systems with the new Special Currency Basket value of Rs.83.45023 effective August 12, 2013.” (RBI issued this 14 Aug 2013).

Circular: RBI/2013-14/188 -- Rupee Value of Special Currency Basket Revised to Rs.83.45
Issued: 14 Aug 2013
Action required: Update your systems with the new Special Currency Basket value of Rs.83.45023 effective August 12, 2013.
Action required: Inform all concerned constituents, including corporate clients dealing with erstwhile USSR trade settlements.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) for all transactions under these protocols.
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=8313&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.