Revision of special currency basket value requires authorised banks to apply the updated rupee conversion rate from the effective date. Authorised Dealer banks are required to adopt a revised rupee value for the special currency basket used under the Deferred Payment Protocols, with the circular specifying the new rupee value and its effective date, and directing AD banks to notify their constituents. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and are without prejudice to other permissions or approvals under any other law.
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Provisions expressly mentioned in the judgment/order text.
Revision of special currency basket value requires authorised banks to apply the updated rupee conversion rate from the effective date.
Authorised Dealer banks are required to adopt a revised rupee value for the special currency basket used under the Deferred Payment Protocols, with the circular specifying the new rupee value and its effective date, and directing AD banks to notify their constituents. The directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and are without prejudice to other permissions or approvals under any other law.
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