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of <h1>Rupee Value Revised for Deferred Payment Protocols with Former USSR: New Rate Effective May 13, 2008 Under FEMA.</h1> The circular addresses Authorized Dealer Category - I banks regarding the deferred payment protocols between the Government of India and the former USSR. It references a previous circular dated April 22, 2008, which set the rupee value of a special currency basket at Rs.58.6670 as of April 7, 2008. The circular informs banks of a revision on May 8, 2008, setting the new rupee value at Rs.60.5828 effective May 13, 2008. Banks are advised to inform their concerned constituents. The directions are issued under the Foreign Exchange Management Act, 1999, and do not affect other legal permissions or approvals.
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