Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

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All Category - I 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 Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.41 dated February 11, 2011, wherein the Rupee value of the special currency basket was indicated as Rs. 64.7004 effective from January 31, 2011.

2. AD Category-I banks are advised that a further revision has taken place on August 17, 2011 and accordingly, the Rupee value of the special currency basket has been fixed at Rs. 66.9682 with effect from August 23, 2011.

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.

Yours faithfully,

(Rashmi Fauzdar)

Chief General Manager