Rupee Value under Indo-USSR Deferred Payment Protocol Revised to Rs. 71.456679 from 20 January 2012

[RBI Circular No. 74 dated 1^st February 2012]

Sub: 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. 54 dated December 8, 2011, wherein the Rupee value of the Special Currency Basket was indicated as Rs. 73.923372 effective from November 28, 2011.

2. AD Category-I banks are advised that a further revision has taken place on January 17, 2012 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.71.456679 with effect from January 20, 2012.

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.