What changed
The Rupee value of the Special Currency Basket, previously set at Rs.83.45023 effective August 12, 2013, was revised upward to Rs.86.857663 effective August 23, 2013. This revision reflects a change in the underlying basket composition or exchange rates.
What it means for you
Banks handling deferred payment transactions under the Indo-USSR protocols must use the new basket value for settlements from August 23, 2013. This impacts the Rupee equivalent of payments linked to these protocols, potentially affecting cash flows and accounting entries.
What you must do
- Update internal systems and records with the new Special Currency Basket value of Rs.86.857663 effective August 23, 2013.
- Notify all concerned constituents, including corporate clients dealing with Indo-USSR deferred payments, about the revised rate.
- Ensure all transactions under the Deferred Payment Protocols from August 23, 2013, use the updated basket value.
Who it affects
AD Category-I banks, Corporate clients with Indo-USSR deferred payment obligations
What is the Special Currency Basket?
It is a basket of currencies used to determine the Rupee value for settlements under the Deferred Payment Protocols between India and the erstwhile USSR.
When does the new value take effect?
The revised Rupee value of Rs.86.857663 is effective from August 23, 2013.
Which banks are required to comply?
All AD Category-I banks must implement this revision and inform their constituents.