The Reserve Bank of India has revised the rupee value of the special currency basket for payments under the deferred payment protocol between the Government of India and the erstwhile USSR to Rs63.0402 with effect from 31 May 2010.
The rupee value of the special currency basket for payment of debt to the former USSR was indicated as Rs60.897378 from 9 to 26 April 2010.
It was indicated as Rs63.0381 effective from 11 March 2010.
India and the Russian Federation signed the deferred payment protocols on 30 April 1981 and 23 December 1985 on the debt India owed the erstwhile USSR.
RBI has asked authorised dealer Category-I banks to notify their constituents of the changes.
The directions have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), RBI said in a release.