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Rupee Value of Special Currency Basket Revised to Rs.83.56

Current · Source: Reserve Bank of India · RBI/2013-14/409 · issued 16 Dec 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.83.564155, effective December 12, 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, Priya, handles a corporate client's deferred payment to the erstwhile USSR. On December 12, 2013, she updates her bank's system to the new basket value of Rs.83.564155, ensuring the client's payment is calculated correctly and notifying them of the change to avoid any confusion.

What changed

The Rupee value of the Special Currency Basket was revised from Rs.86.513657 (effective November 18, 2013) to Rs.83.564155, with the revision taking place on December 09, 2013 and effective from December 12, 2013. This revision is part of the Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between the Government of India and the erstwhile USSR.

What it means for you

Banks dealing with deferred payment transactions under these protocols must use the new basket value for settlements from December 12, 2013. The lower Rupee value indicates a depreciation of the basket relative to the Rupee, which could affect the Rupee equivalent of outstanding payments.

What you must do

Who it affects

AD Category-I banks handling deferred payment transactions under the protocols, Corporate clients with outstanding payments under the Deferred Payment Protocols, RBI's Foreign Exchange Department

❓ 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?

It is a basket of currencies used to determine the Rupee value for deferred payments under the protocols between India and the erstwhile USSR. RBI periodically revises its Rupee value.

When does the new value take effect?

The revised Rupee value of Rs.83.564155 is effective from December 12, 2013, as per the circular dated December 16, 2013.

Do I need to take any action for past transactions?

No, the revision applies only to transactions from the effective date. Past transactions settled before December 12, 2013, remain unaffected.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/409 A.P. (DIR Series) Circular No. 80 December 16, 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.76 dated November 19, 2013 , wherein the Rupee value of the Special Currency Basket was indicated as Rs.86.513657 effective from November 18,2013 2. AD Category-I banks are advised that a further revision has taken place on December 09, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.83.564155 with effect from December 12, 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/2013-14/409 · issued 16 Dec 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 and records with the revised Rupee value of Rs.83.564155 effective December 12, 2013.
📜 Compliance
  • Notify all concerned constituents, including corporate clients involved in trade with the erstwhile USSR, about the revision.
  • Ensure all deferred payment transactions under the protocols are processed using the new basket value from the effective date.
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 protocols, Corporate clients with outstanding payments under the Deferred Payment Protocols, RBI's Foreign Exchange Department), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.83.56” is: “Update internal systems and records with the revised Rupee value of Rs.83.564155 effective December 12, 2013.” (RBI issued this 16 Dec 2013).

  1. Circular: RBI/2013-14/409 -- Rupee Value of Special Currency Basket Revised to Rs.83.56
  2. Issued: 16 Dec 2013
  3. Action required: Update internal systems and records with the revised Rupee value of Rs.83.564155 effective December 12, 2013.
  4. Action required: Notify all concerned constituents, including corporate clients involved in trade with the erstwhile USSR, about the revision.
  5. Action required: Ensure all deferred payment transactions under the protocols are processed using the new basket value from the effective date.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. 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=8630&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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