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Rupee Value of Special Currency Basket Revised to Rs.86.51

Current · Source: Reserve Bank of India · RBI/2013-14/375 · issued 19 Nov 2013 · ~1 min read

Quick answerRBI has revised the Rupee value of the Special Currency Basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.86.513657, effective November 18, 2013. AD Category-I banks must update their systems and inform constituents.

The rule, in the simplest words

The RBI changed the value of a special money basket (a mix of currencies used for old debts with the former USSR) from Rs.83.82 to Rs.86.51.
This new value starts on November 18, 2013, and banks must update their computers and tell their customers.
Only banks that handle payments for old trade deals with the former USSR need to follow this rule.
Banks must follow FEMA rules (India's foreign money law) when making this change.

How it plays out — a real example

A forex & trade-finance officer in Indore, Priya, receives a notice from her bank's treasury about the new Special Currency Basket value. She updates her system to Rs.86.513657 and emails her corporate client, a spice exporter, explaining that their deferred payment to a Russian partner will now be calculated using this new rate, ensuring accurate settlement.

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

❓ Common questions

Regulatory timeline

Stated effective date effective November 18, 2013
Decoded by BankPulse 2026-06-18 11:47 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 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.

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

RBI/2013-14/375
 A.P. (DIR Series) Circular No.76
 November 19, 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.64 dated October 22, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.83.819978 effective from October 17, 2013.
 2. AD Category-I banks are advised that a further revision has taken place on November 12, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.86.513657 with effect from November 18, 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/2013-14/375 · issued 19 Nov 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.86.513657 effective November 18, 2013.

📜 Compliance

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.

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 Indo-USSR protocols, Corporate clients with outstanding obligations under these protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.86.51” is: “Update internal systems with the new Special Currency Basket value of Rs.86.513657 effective November 18, 2013.” (RBI issued this 19 Nov 2013).

Circular: RBI/2013-14/375 -- Rupee Value of Special Currency Basket Revised to Rs.86.51
Issued: 19 Nov 2013
Action required: Update internal systems with the new Special Currency Basket value of Rs.86.513657 effective November 18, 2013.
Action required: Notify all concerned constituents, including corporate clients, about the revised rate for deferred payment transactions.
Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this change.
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=8582&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.