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Rupee Value of Special Currency Basket Revised

Current · Source: Reserve Bank of India · RBI/2013-14/223 · issued 04 Sep 2013 · ~1 min read
Quick answerRBI revised the Rupee value of the Special Currency Basket to Rs.86.857663 effective August 23, 2013, for Deferred Payment Protocols with erstwhile USSR. AD Category-I banks must use this rate for related transactions and inform constituents.
The rule, in the simplest words
How it plays out — a real example

Rohan, a forex officer at an AD bank, updates the system with the new basket value. When a client processes a payment under the India-USSR protocol on August 25, the system uses Rs.86.857663, ensuring correct settlement.

What changed

The Rupee value of the Special Currency Basket, used under the Deferred Payment Protocols with the erstwhile USSR, was revised from Rs.83.45023 (effective August 12, 2013) to Rs.86.857663, effective August 23, 2013. This revision was communicated via A.P. (DIR Series) Circular No. 33 dated September 04, 2013.

What it means for you

Banks handling transactions under the India-USSR Deferred Payment Protocols must apply the updated Rupee value for conversions effective from August 23, 2013. This affects settlement amounts and accounting for related trade or debt transactions. Ensure systems and processes reflect the new rate to avoid discrepancies.

What you must do

Who it affects

AD Category-I banks, Constituents dealing with India-USSR Deferred Payment Protocol transactions

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What is the Special Currency Basket?

It is a basket of currencies used to determine Rupee values for transactions under the Deferred Payment Protocols between India and the erstwhile USSR.

When does the new Rupee value take effect?

The new value of Rs.86.857663 is effective from August 23, 2013.

Do I need to inform my customers?

Yes, RBI advises AD Category-I banks to bring the circular's contents to the notice of their constituents.

📜 Read the original circular — full text as issued by RBI
Notifications - Reserve Bank of India Skip to main content Selected Selected Change Language हिंदी Search the Website Search Home About Us ▼ About Us Organisation & Functions ▶ Organisation Structure Departments Offices Training Establishment ▶ College of Agricultural Banking Reserve Bank Staff College College of Supervisors RBI's Functions and Working Governors Deputy Governors Executive Directors Communication Policy of RBI Sources of Information ▶ Annual Publications Half-yearly Publications Quarterly Publications Monthly Publications Weekly Publications Occasional Publications SDDS NSDP Data Releases Publications available on Subscription General Information RBI History Museum ▶ The RBI Museum RBI Monetary Museum Notification ▼ Notifications Master Directions Master Circulars Amendment Directions Draft Notifications/Guidelines ▶ Draft Notifications/Guidelines Draft Directions (RE-wise) Index To RBI Circulars Standalone Circulars Circulars Withdrawn Press Releases Speeches & Media Interactions ▼ Speeches Media Interactions Memorial Lectures Podcasts Publications ▼ Biennial Annual Half-Yearly Quarterly Bi-monthly Monthly Weekly Occasional Reports Working Papers Legal Framework ▼ Act Rules Regulations Schemes Research ▼ External Research Schemes RBI Occasional Papers Working Papers RBI Bulletin History DRG Studies KLEMS State Statistics and Finances Statistics ▼ Data Releases Database on Indian Economy Public Debt Statistics Regulatory Reporting ▼ List of Returns Data Definition Validation rules/ Taxonomy List of RBI Reporting Portals FAQs of RBI Reporting Portals Home Notifications Notifications Withdrawn with effect from November 16, 2021, February 18, 2022, May 02, 2022, May 13, 2022, May 21, 2024, July 12, 2024 & October 01, 2024 ( 499 kb ) Deferred Payment Protocols between Government of India and erstwhile USSR RBI/2013-14/223 A.P. (DIR Series) Circular No. 33 September 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.26 dated August 14, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.83.45023 effective from August12, 2013. 2. AD Category-I banks are advised that a further revision has taken place on August 20, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.86.857663 with effect from August 23, 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 2026 All Months January February March April May June July August September October November December 2025 All Months January February March April May June July August September October November December 2024 All Months January February March April May June July August September October November December 2023 All Months January February March April May June July August September October November December 2022 All Months January February March April May June July August September October November December 2021 All Months January February March April May June July August September October November December 2020 All Months January February March April May June July August September October November December 2019 All Months January February March April May June July August September October November December 2018 All Months January February March April May June July August September October November December 2017 All Months January February March April May June July August September October November December Archives 2016 All Months January February March April May June July August September October November December 2015 All Months January February March April May June July August September October November December 2014 All Months January February March April May June July August September October November December 2013 All Months January February March April May June July August September October November December 2012 All Months January February March April May June July August September October November December 2011 All Months January February March April May June July August September October November December 2010 All Months January February March April May June July August September October November December 2009 All Months January February March April May June July August September October November December 2008 All Months January February March April May June July August September October November December 2007 All Months January February March April May June July August September October November December 2006 All Months January February March April May June July August September October November December 2005 All Months January February March April May June July August September October November December 2004 All Months January February March April May June July August September October November December 2003 All Months January February March April May June July August September October November December 2002 All Months January February March April May June July August September October November December 2001 All Months January February March April May June July August September October November December 2000 All Months January February March April May June July August September October November December 1999 All Months January February March April May June July August September October November December 1998 All Months January February March April May June July August September October November December 1997 All Months January February March April May June July August September October November December 1996 All Months January February March April May June July August September October November December 1995 All Months January February March April May June July August September October November December 1994 All Months January February March April May June July August September October November December 1993 All Months January February March April May June July August September October November December 1992 All Months January February March April May June July August September October November December 1991 All Months January February March April May June July August September October November December Top Back to previous page More Links : Bank Holidays Banking Glossary Citizen's Charter Complaints Contact Us COVID-19 Measures E-LMS Events FAQs Financial Education Forms IFSC/MICR Codes Important Websites Opportunities @ RBI RBI Clarifications RBI Kehta Hai RBI’s Vision and Values (1257 kb)--> Right to Information Act Tenders Follow RBI RSS Twitter YouTube Instagram Facebook LinkedIn © Reserve Bank of India. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/223 · issued 04 Sep 2013. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update internal systems with the new Special Currency Basket Rupee value of Rs.86.857663 effective August 23, 2013.
📜 Compliance
  • Inform all relevant constituents about the revised rate as advised by RBI.
  • Apply the new rate to all transactions under the Deferred Payment Protocols from the effective date.
  • Verify that previous circular (No. 26 dated August 14, 2013) is superseded for this purpose.
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, Constituents dealing with India-USSR Deferred Payment Protocol transactions), your first concrete step on “Rupee Value of Special Currency Basket Revised” is: “Update internal systems with the new Special Currency Basket Rupee value of Rs.86.857663 effective August 23, 2013.” (RBI issued this 04 Sep 2013).

  1. Circular: RBI/2013-14/223 -- Rupee Value of Special Currency Basket Revised
  2. Issued: 04 Sep 2013
  3. Action required: Update internal systems with the new Special Currency Basket Rupee value of Rs.86.857663 effective August 23, 2013.
  4. Action required: Inform all relevant constituents about the revised rate as advised by RBI.
  5. Action required: Apply the new rate to all transactions under the Deferred Payment Protocols from the effective date.
  6. Action required: Verify that previous circular (No. 26 dated August 14, 2013) is superseded for this purpose.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. 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=8372&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.
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