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of <h1>Rupee Value for India-USSR Deferred Payments Revised to Rs. 58.7054 Effective May 4, 2006, per FEMA 1999.</h1> The circular addresses authorized dealer banks regarding the deferred payment protocols between the Government of India and the former USSR, dated April 30, 1981, and December 23, 1985. It informs banks of a revision in the rupee value of the special currency basket, now set at Rs. 58.7054 effective from May 4, 2006, following a previous rate of Rs. 56.9296. Banks are instructed to communicate this update to relevant parties. The directions are issued under the Foreign Exchange Management Act, 1999, without affecting other legal permissions or approvals.
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