RBI fixes basket value of rupee for Russia debt payments at Rs63.0381
09 Apr 2010
The Reserve Bank of India (RBI) has fixed the rupee value of the special currency basket for making payments to the Russian Federation under the deferred payment protocols between Government of India and erstwhile USSR at Rs63.0381, with effect from 1 March 2010.
The rupee value of the special currency basket was indicated at Rs66.5719 effective 25 June 2009 and at Rs65.29 effective 11 January 2010.
A further revision has taken place on 6 January 2010 and accordingly, the rupee value of the special currency basket has been fixed at Rs65.29 with effect from 11 January 2010, RBI said in a notification to Category 1 authorised foreign exchange dealer banks.
The RBI fixes the rupee value of the special currency basket created for the purposes of contracts entered into under the deferred payments protocol of 30 April 1981 relating to the deliveries of machinery and equipment from the USSR to India on deferred payment terms.
RBI said the directions issued are under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 and are without prejudice to permissions / approvals, if any, required under any other law.