Rupee Value under Indo-USSR Deferred Payment Protocols Revised to Rs. 62.78860 per Rouble from 7 July 2010

[RBI Circular No. 02 dated 21st July 2010]

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.01 dated July 13, 2010, wherein the Rupee value of the special currency basket was indicated as Rs.60.8816 effective from June 24, 2010.

2. AD Category-I banks are advised that a further revision has taken place on July 02, 2010 and accordingly, the Rupee value of the special currency basket has been fixed at Rs.62.788607 with effect from July 07, 2010.

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.