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of <h1>RBI Updates Rupee Value for Deferred Payments with Former USSR Under FEMA 1999; New Rates Effective May 9, 2002.</h1> The Reserve Bank of India issued a circular to authorized dealers in foreign exchange regarding changes in the rupee value of a special currency basket related to Deferred Payments Protocols between India and the former USSR, dated April 30, 1981, and December 23, 1985. The rupee value, effective from May 9, 2002, is set at Rs. 62.5450, with limits of Rs. 60.6687 and Rs. 64.4214. Dealers are instructed to inform relevant constituents, and the directions are issued under the Foreign Exchange Management Act, 1999.
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