What changed
The Rupee value of the special currency basket, previously set at Rs. 64.7004 effective January 31, 2011, has been revised to Rs. 66.9682 effective August 23, 2011. This revision reflects a change in the basket's valuation as of August 17, 2011.
What it means for you
Banks handling deferred payment transactions under the India-USSR protocols must use the new Rupee value for settlements from August 23, 2011. This impacts the conversion rates for related trade payments and requires updates to internal systems and customer communications.
What you must do
- Update your systems to reflect the new Rupee value of Rs. 66.9682 for the special currency basket effective August 23, 2011.
- Inform all concerned constituents, including customers involved in deferred payment transactions under the India-USSR protocols.
- Ensure compliance with FEMA sections 10(4) and 11(1) while implementing this revision.
Who it affects
AD Category-I banks, Customers involved in deferred payment transactions under India-USSR protocols
What is the new Rupee value of the special currency basket?
The Rupee value has been revised to Rs. 66.9682, effective from August 23, 2011.
Which circular does this revision supersede?
This revision updates the value previously indicated in A.P. (DIR Series) Circular No. 41 dated February 11, 2011, which set the value at Rs. 64.7004.