Special Currency Basket value revised, altering rupee conversion rate effective January 25, 2016 under FEMA directions. Revision of the Rupee value of the Special Currency Basket has been fixed effective January 25, 2016; AD Category I banks are to implement and notify constituents. The directions are issued under FEMA, relying on sections 10(4) and 11(1) of the Act, and apply to transactions under the Deferred Payment Protocols between India and the erstwhile USSR.
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Special Currency Basket value revised, altering rupee conversion rate effective January 25, 2016 under FEMA directions.
Revision of the Rupee value of the Special Currency Basket has been fixed effective January 25, 2016; AD Category I banks are to implement and notify constituents. The directions are issued under FEMA, relying on sections 10(4) and 11(1) of the Act, and apply to transactions under the Deferred Payment Protocols between India and the erstwhile USSR.
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