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Revised Rupee Value of Special Currency Basket for Indo-Russian Protocols

Current · Source: Reserve Bank of India · RBI/2013-14/275 · issued 20 Sep 2013 · ~2 min read

Quick answerRBI revised the Rupee value of the Special Currency Basket under the Deferred Payment Protocols with the erstwhile USSR to Rs. 90.052266 effective September 4, 2013, replacing the earlier value of Rs. 92.985396 from September 2, 2013.

The rule, in the simplest words

The RBI changed the Rupee value of a special money basket used for old trade deals with Russia (erstwhile USSR) from Rs. 92.985396 to Rs. 90.052266.
This new value started on September 4, 2013, and replaces the old value that was used from September 2, 2013.
Banks that handle these special payments must update their computer systems and tell their customers about the new value.
The lower basket value means each unit of the special basket is now worth fewer Rupees, which affects how much money is paid in these old trade deals.

How it plays out — a real example

A forex & trade-finance officer in Indore, while processing a deferred payment for a client under the 1981 protocol, checks the RBI circular and updates the system to use the new Special Currency Basket value of Rs. 90.052266 instead of the previous Rs. 92.985396, ensuring the correct Rupee amount is calculated for the transaction.

What changed

The Rupee value of the Special Currency Basket, used for deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR, was revised downward from Rs. 92.985396 to Rs. 90.052266. This change took effect from September 4, 2013, superseding the previous value set on September 2, 2013.

What it means for you

For AD Category-I banks handling these legacy trade settlements, the lower basket value reduces the Rupee equivalent for each unit of the Special Currency Basket, impacting the conversion rates for related payments. Banks must update their systems and advise clients to ensure accurate transaction processing under these protocols.

What you must do

Update internal systems with the new Special Currency Basket value of Rs. 90.052266 effective September 4, 2013.
Notify all concerned constituents, including corporate clients dealing with Indo-Russian deferred payment transactions.
Ensure compliance with FEMA sections 10(4) and 11(1) while processing related payments.

Who it affects

AD Category-I banks handling deferred payment transactions under the 1981 and 1985 protocols, Corporate clients involved in trade settlements with the erstwhile USSR

❓ Common questions

Regulatory timeline

Stated effective date effective September 4, 2013
Decoded by BankPulse 2026-06-18 12:42 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 mentioned in this circular?

It is a composite currency unit used to value deferred payment obligations under the 1981 and 1985 protocols between India and the erstwhile USSR, with its Rupee value periodically revised by RBI.

Why was the Rupee value revised from Rs. 92.985396 to Rs. 90.052266?

The revision reflects changes in the underlying currency composition or exchange rates as of August 30, 2013, though the circular does not specify the exact reasons for the adjustment.

Which transactions are affected by this change?

All deferred payment transactions under the mentioned protocols, typically involving trade credits or repayments between Indian entities and the erstwhile USSR, are affected from September 4, 2013.

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

RBI/2013-14/275 
 A.P. (DIR Series) Circular No. 49
 September 20, 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.47 dated September 17, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.92.985396 effective from September 02, 2013.
 2. AD Category-I banks are advised that a further revision has taken place on August 30, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.90.052266 with effect from September 04, 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/2013-14/275 · issued 20 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 value of Rs. 90.052266 effective September 4, 2013.

📜 Compliance

Notify all concerned constituents, including corporate clients dealing with Indo-Russian deferred payment transactions.
Ensure compliance with FEMA sections 10(4) and 11(1) while processing related payments.

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 the 1981 and 1985 protocols, Corporate clients involved in trade settlements with the erstwhile USSR), your first concrete step on “Revised Rupee Value of Special Currency Basket for Indo-Russian Protocols” is: “Update internal systems with the new Special Currency Basket value of Rs. 90.052266 effective September 4, 2013.” (RBI issued this 20 Sep 2013).

Circular: RBI/2013-14/275 -- Revised Rupee Value of Special Currency Basket for Indo-Russian Protocols
Issued: 20 Sep 2013
Action required: Update internal systems with the new Special Currency Basket value of Rs. 90.052266 effective September 4, 2013.
Action required: Notify all concerned constituents, including corporate clients dealing with Indo-Russian deferred payment transactions.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while processing related payments.
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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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8439&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.