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of <h1>RBI Updates Rupee Value for Deferred Payments Protocols with Former USSR; Effective May 9, 2002, Under FEMA Sections 10(4), 11(1.</h1> The Reserve Bank of India issued a circular to authorized dealers in foreign exchange regarding modifications to the Deferred Payments Protocols between the Government of India and the former USSR, dated April 30, 1981, and December 23, 1985. The circular updates the rupee value of the special currency basket, effective from May 9, 2002, to Rs.54.1262, following a change on May 6, 2002. Dealers are instructed to inform their relevant constituents of this update. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
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