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Rupee Value of Special Currency Basket Revised to Rs.92.985396

Current · Source: Reserve Bank of India · RBI/2013-14/266 · issued 17 Sep 2013 · ~1 min read

Quick answerRBI revised the Rupee value of the Special Currency Basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.92.985396, effective September 2, 2013. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The RBI changed the value of the 'Special Currency Basket' (a mix of currencies used for old trade deals with the former USSR) from Rs.86.857663 to Rs.92.985396.
This new value starts on September 2, 2013, so all payments and records must use this number from that day.
Banks that handle these old trade deals must update their computer systems and tell their customers about the change.
The rule is based on FEMA (India's foreign exchange law) sections 10(4) and 11(1), which banks must follow.

How it plays out — a real example

A forex & trade-finance officer in Indore, Priya, processes a repayment from a client under the 1985 India-USSR protocol. She checks her system and sees the new Special Currency Basket value of Rs.92.985396, so she updates the client's account and informs her branch team to use this rate for all related transactions from September 2, 2013.

What changed

The Rupee value of the Special Currency Basket was revised from Rs.86.857663 (effective August 23, 2013) to Rs.92.985396, effective September 2, 2013. This revision, notified on August 28, 2013, updates the exchange rate used for deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR.

What it means for you

Banks handling deferred payment transactions under the India-USSR protocols must use the new Rupee value for settlements from September 2, 2013. This change affects the valuation of outstanding claims and repayments, potentially impacting forex exposure and accounting entries for AD Category-I banks.

What you must do

Update internal systems and records with the new Special Currency Basket value of Rs.92.985396 effective September 2, 2013.
Inform all concerned constituents, including corporate clients and branches handling USSR protocol transactions.
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 under India-USSR protocols, Corporate clients with outstanding claims or payments under the 1981 and 1985 Deferred Payment Protocols

❓ Common questions

Regulatory timeline

Stated effective date effective September 2, 2013
Decoded by BankPulse 2026-06-18 12:43 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?

It is a basket of currencies used to determine the Rupee value for deferred payment transactions between India and the erstwhile USSR under the 1981 and 1985 protocols.

When does the new Rupee value take effect?

The revised value of Rs.92.985396 is effective from September 2, 2013, as notified on August 28, 2013.

Do I need to inform my customers about this change?

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

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

RBI/2013-14/266
 A.P. (DIR Series) Circular No. 47
 September 17, 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.33 dated September 04, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.86.857663 effective from August 23, 2013.
 2. AD Category-I banks are advised that a further revision has taken place on August 28, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.92.985396 with effect from September 02, 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/2013-14/266 · issued 17 Sep 2013. The plain-English explanation above is BankPulse’s own independent summary.

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Who does what — compliance checklist

🏦 Branch Manager

Inform all concerned constituents, including corporate clients and branches handling USSR protocol transactions.

💻 IT / Systems

Update internal systems and records with the new Special Currency Basket value of Rs.92.985396 effective September 2, 2013.

📜 Compliance

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 under India-USSR protocols, Corporate clients with outstanding claims or payments under the 1981 and 1985 Deferred Payment Protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.92.985396” is: “Update internal systems and records with the new Special Currency Basket value of Rs.92.985396 effective September 2, 2013.” (RBI issued this 17 Sep 2013).

Circular: RBI/2013-14/266 -- Rupee Value of Special Currency Basket Revised to Rs.92.985396
Issued: 17 Sep 2013
Action required: Update internal systems and records with the new Special Currency Basket value of Rs.92.985396 effective September 2, 2013.
Action required: Inform all concerned constituents, including corporate clients and branches handling USSR protocol transactions.
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=8428&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.