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Rupee Value of Special Currency Basket Revised to Rs.83.819978

Current · Source: Reserve Bank of India · RBI/2013-14/333 · issued 22 Oct 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.83.819978 effective October 17, 2013, from the previous Rs.86.903352. AD Category-I banks must update their systems and inform constituents.
The rule, in the simplest words
How it plays out — a real example

Ramesh, a foreign‑exchange officer at State Bank of India in Mumbai, logs into the bank’s settlement system on 18 Oct 2013, updates the Special Currency Basket rate to Rs.83.819978, and then sends a friendly email to the corporate clients explaining that their upcoming payments under the Deferred Payment Protocols with the former USSR will now be calculated using the lower rate.

What changed

The Rupee value of the Special Currency Basket, used for deferred payment protocols between India and the erstwhile USSR, was revised downward from Rs.86.903352 (effective September 13, 2013) to Rs.83.819978, effective October 17, 2013. This revision was communicated via A.P. (DIR Series) Circular No.64 dated October 22, 2013.

What it means for you

For banks handling transactions under these protocols, the lower Rupee value reduces the Rupee equivalent of the basket, impacting settlement amounts. Lenders must ensure accurate application of the new rate from the effective date to avoid discrepancies in payments or reporting.

What you must do

Who it affects

AD Category-I banks handling deferred payment transactions with the erstwhile USSR, Corporate clients and constituents involved in trade settlements under these protocols, RBI's foreign exchange and trade settlement monitoring 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 was its Rupee value revised?

The Special Currency Basket is a reference rate used under the Deferred Payment Protocols between India and the erstwhile USSR for settling trade debts. The Rupee value was revised from Rs.86.903352 to Rs.83.819978 effective October 17, 2013, reflecting changes in currency valuations.

Which banks are required to implement this revision?

All AD Category-I banks, which are authorized to deal in foreign exchange, must implement the revised Rupee value and inform their constituents.

What is the legal basis for this circular?

The circular is issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999, and does not override any other permissions or approvals required under law.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/333 A.P. (DIR Series) Circular No. 64 October 22, 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.55 dated September 26, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.86.903352 effective from September 13, 2013. 2. AD Category-I banks are advised that a further revision has taken place on October 11, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.83.819978 with effect from October 17, 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/2013-14/333 · issued 22 Oct 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 relevant constituents, including corporate clients and branches, about the revised rate.
💻 IT / Systems
  • Update internal systems and records with the new Special Currency Basket value of Rs.83.819978 effective October 17, 2013.
📜 Compliance
  • Ensure all transactions under the Deferred Payment Protocols from October 17, 2013, use the updated value.
  • Maintain compliance with FEMA sections 10(4) and 11(1) as cited in the circular.
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 with the erstwhile USSR, Corporate clients and constituents involved in trade settlements under these protocols, RBI's foreign exchange and trade settlement monitoring teams), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.83.819978” is: “Update internal systems and records with the new Special Currency Basket value of Rs.83.819978 effective October 17, 2013.” (RBI issued this 22 Oct 2013).

  1. Circular: RBI/2013-14/333 -- Rupee Value of Special Currency Basket Revised to Rs.83.819978
  2. Issued: 22 Oct 2013
  3. Action required: Update internal systems and records with the new Special Currency Basket value of Rs.83.819978 effective October 17, 2013.
  4. Action required: Inform all relevant constituents, including corporate clients and branches, about the revised rate.
  5. Action required: Ensure all transactions under the Deferred Payment Protocols from October 17, 2013, use the updated value.
  6. Action required: Maintain compliance with FEMA sections 10(4) and 11(1) as cited in the circular.
  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=8521&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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