**Summary:**
This circular, A.P. DIR Series Circular No. 41, issued by the Reserve Bank of India (RBI) on February 4, 2016, informs all Category I Authorized Dealer (AD Category I) banks of a revision to the Rupee value of the Special Currency Basket under the Deferred Payment Protocols between the Government of India and the erstwhile USSR. Effective January 25, 2016, the Rupee value of the Special Currency Basket has been fixed at Rs. 80.9604520. This follows the previous revision detailed in A.P. DIR Series Circular No. 25 dated November 5, 2015, which set the value at Rs. 78.1657270 effective from October 28, 2015. AD Category I banks are instructed to notify their constituents of this change. The directions outlined in this circular are issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999, and are without prejudice to any other legal requirements. Contact for inquiries: B. P. Kanungo, Principal Chief General Manager, Reserve Bank of India.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for monetary policy and regulation of the banking system.
Mumbai, Maharashtra: The city in which the Reserve Bank of India's office issuing the circular is located.
A.P. DIR Series Circular No. 41: The specific circular being issued by the Reserve Bank of India.
Category l Authorised Dealer Banks: A designation of banks authorized to deal in foreign exchange.
Government of India: The governing body of the Republic of India.
USSR: Former Union of Soviet Socialist Republics, a country which had Deferred Payment Protocols with the Government of India.
A.P. DIR Series Circular No. 25: Previous circular related to the Rupee value of the Special Currency Basket.
Foreign Exchange Management Act, 1999: Indian legislation governing foreign exchange transactions.
RESERVE BANK OF INDIA
Mumbai - 400 001
RBI/2015-16/305 February 04, 2016
A.P. (DIR Series) Circular No. 41
To
All Category - l Authorised Dealer Banks
Madam / Sir,
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985
between Government of India and erstwhile USSR
Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to
A.P. (DIR Series) Circular No. 25 dated November 05, 2015 wherein the
Rupee value of the Special Currency Basket was indicated as Rs.
78.1657270 effective from October 28, 2015.
2. AD Category-I banks are advised that a further revision has taken place on
January 20, 2016 and accordingly, the Rupee value of the Special Currency
Basket has been fixed at Rs. 80.9604520 with effect from January 25, 2016.
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 section
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.
Yours faithfully,
(B P Kanungo)
Principal Chief General Manager