Special currency basket valuation revised; AD Category I banks must adopt the new rupee conversion rate under FEMA requirements. The Reserve Bank notified a revision of the rupee valuation of the special currency basket applicable to Deferred Payment Protocols, directing Authorised Dealer Category I banks to adopt the revised rupee value for relevant settlements and to inform their constituents; the circular invokes Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and states the directions are without prejudice to other statutory permissions.
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Special currency basket valuation revised; AD Category I banks must adopt the new rupee conversion rate under FEMA requirements.
The Reserve Bank notified a revision of the rupee valuation of the special currency basket applicable to Deferred Payment Protocols, directing Authorised Dealer Category I banks to adopt the revised rupee value for relevant settlements and to inform their constituents; the circular invokes Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and states the directions are without prejudice to other statutory permissions.
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