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Rupee Value of Special Currency Basket Revised to Rs.86.90

Current · Source: Reserve Bank of India · RBI/2013-14/294 · issued 26 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.86.903352, effective September 13, 2013. AD Category-I banks must update their systems and inform constituents.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Indore, while processing a trade payment for a corporate client that still owes money under the old India-USSR agreements, checks the latest RBI circular. She updates her system to the new Special Currency Basket value of Rs.86.903352 and informs the client that all settlements from September 13, 2013 must use this rate, ensuring the payment is accurate and follows the rules.

What changed

The Rupee value of the Special Currency Basket was revised from Rs.90.052266 (as per previous circular) to Rs.86.903352, with effect from September 13, 2013. This change applies to the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between India and the erstwhile USSR.

What it means for you

Banks handling deferred payment transactions under these protocols must use the new basket value for settlements from September 13, 2013. The lower value indicates a change in the basket's valuation, impacting trade finance and legacy Soviet-era debt servicing.

What you must do

Who it affects

AD Category-I banks, Corporate clients with deferred payment obligations under India-USSR protocols, Trade finance and forex operations teams

❓ 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 and why does its value change?

The Special Currency Basket is a reference rate used for settlements under the Deferred Payment Protocols between India and the erstwhile USSR. Its value is revised periodically by RBI based on exchange rate movements.

Does this circular affect all forex transactions?

No, it applies only to transactions under the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985. Other forex transactions are not impacted.

What should banks do if they have already processed transactions at the old rate after September 13?

The circular does not provide specific guidance on this. Banks should refer to the circular's instructions and may need to consult with RBI for any discrepancies.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/294 A.P. (DIR Series) Circular No. 55 September 26, 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.49 dated September 20, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.90.052266 effective from September 04, 2013. 2. AD Category-I banks are advised that a further revision has taken place on September 10, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.86.903352  with effect from September 13, 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/2013-14/294 · issued 26 Sep 2013. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Ensure all transactions from September 13, 2013 use the revised rate for accurate settlement.
💻 IT / Systems
  • Update internal systems and FX rates with the new Special Currency Basket value of Rs.86.903352 effective September 13, 2013.
📜 Compliance
  • Notify all concerned constituents, including corporate clients dealing with deferred payments under the India-USSR protocols.
  • Review and adjust any pending or future payment instructions to reflect the updated basket value.
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 under India-USSR protocols, Trade finance and forex operations teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.86.90” is: “Update internal systems and FX rates with the new Special Currency Basket value of Rs.86.903352 effective September 13, 2013.” (RBI issued this 26 Sep 2013).

  1. Circular: RBI/2013-14/294 -- Rupee Value of Special Currency Basket Revised to Rs.86.90
  2. Issued: 26 Sep 2013
  3. Action required: Update internal systems and FX rates with the new Special Currency Basket value of Rs.86.903352 effective September 13, 2013.
  4. Action required: Notify all concerned constituents, including corporate clients dealing with deferred payments under the India-USSR protocols.
  5. Action required: Ensure all transactions from September 13, 2013 use the revised rate for accurate settlement.
  6. Action required: Review and adjust any pending or future payment instructions to reflect the updated basket value.
  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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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8467&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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