What changed
The Rupee value of the Special Currency Basket, previously set at Rs.83.819978 effective October 17, 2013, has been revised to Rs.86.513657 with effect from November 18, 2013. This revision was made on November 12, 2013, and communicated via this circular.
What it means for you
This revision impacts the valuation of deferred payment obligations under the bilateral protocols with the erstwhile USSR. Banks handling these transactions must adjust their accounting and reporting systems to reflect the new basket value, ensuring accurate settlement and compliance.
What you must do
- Update internal systems with the new Special Currency Basket value of Rs.86.513657 effective November 18, 2013.
- Notify all concerned constituents, including corporate clients, about the revised rate for deferred payment transactions.
- Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this change.
Who it affects
AD Category-I banks handling deferred payment transactions under Indo-USSR protocols, Corporate clients with outstanding obligations under these protocols
What is the Special Currency Basket?
It is a valuation mechanism used for deferred payment obligations under the 1981 and 1985 protocols between India and the erstwhile USSR, periodically revised by RBI.
When does the new value take effect?
The revised Rupee value of Rs.86.513657 is effective from November 18, 2013, as per the circular dated November 19, 2013.
Do we need to inform customers?
Yes, AD Category-I banks are advised to bring the contents of this circular to the notice of their constituents concerned.