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Rupee Value of Special Currency Basket Revised to Rs.80.60

Current · Source: Reserve Bank of India · RBI/2013-14/605 · issued 26 May 2014 · ~1 min read
Quick answerRBI revised the Rupee value of the Special Currency Basket under the Deferred Payment Protocols with the erstwhile USSR to Rs.80.603699, effective May 21, 2014. 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, Mr. Kumar, received an update from the RBI about the revised Rupee value of the Special Currency Basket. He promptly updated the bank's system and informed their corporate clients about the change, ensuring they were in compliance with FEMA regulations.

What changed

The Rupee value of the Special Currency Basket, previously set at Rs.83.564155 from December 12, 2013, has been revised downward to Rs.80.603699 effective May 21, 2014. This revision was made on May 16, 2014, and communicated via this circular.

What it means for you

For banks handling deferred payment transactions under the 1981 and 1985 protocols with the erstwhile USSR, this lower Rupee value reduces the Rupee equivalent of outstanding obligations. Lenders must adjust their accounting and settlement systems to reflect the new rate from the effective date.

What you must do

Who it affects

AD Category-I banks, Corporate clients with deferred payment obligations under the protocols

❓ 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 value deferred payment obligations under the 1981 and 1985 protocols between India and the erstwhile USSR. RBI periodically revises its Rupee value.

When does the new rate take effect?

The revised Rupee value of Rs.80.603699 is effective from May 21, 2014.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/605 A.P. (DIR Series) Circular No.134 May 26, 2014 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. 80 dated December 16, 2013 wherein the Rupee value of the Special Currency Basket was indicated as Rs. 83.564155 effective from December 12, 2013. 2. AD Category-I banks are advised that a further revision has taken place on May 16, 2014 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.80.603699 with effect from May 21, 2014. 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/2013-14/605 · issued 26 May 2014. 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 rate of Rs.80.603699 effective May 21, 2014.
📜 Compliance
  • Notify all concerned constituents, including corporate clients, about the revised rate.
  • 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, Corporate clients with deferred payment obligations under the protocols), your first concrete step on “Rupee Value of Special Currency Basket Revised to Rs.80.60” is: “Update internal systems with the new Special Currency Basket rate of Rs.80.603699 effective May 21, 2014.” (RBI issued this 26 May 2014).

  1. Circular: RBI/2013-14/605 -- Rupee Value of Special Currency Basket Revised to Rs.80.60
  2. Issued: 26 May 2014
  3. Action required: Update internal systems with the new Special Currency Basket rate of Rs.80.603699 effective May 21, 2014.
  4. Action required: Notify all concerned constituents, including corporate clients, about the revised rate.
  5. Action required: Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this change.
  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=8898&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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