PN No. 12/(RE-98)/1997-2002 Dated 05-05-1998

ITC (HS) Classification - Export to USSR - Deferred Payment Contracts

Sub:

Indian Rupee Value of the special currency Basket for the purposes of deferred payments contracts entered into under the Deferred payments protocol dated the 30th April, 1981 for the period 1-1-81 to 31-12-85 and the Deferred payments protocol dated 23rd December, l985 for the period l-l-l986 to 31-12-90 between the Government of India and the USSR relating to the deliveries of machinery and equipment from the USSR to India on deferred payment terms.

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Attention is invited to Ministry of Commerce (Import Trade Control) Public Notice No.74-ITC(PN)/85-88 dated the 21st February, 1986 on the subject mentioned above. It is hereby informed that in pursuance of the relevant provisions contained in the Indo-USSR deferred payments protocol dated the 30th April, 1981 and 23rd December, 1985 between the Government of India and the erstwhile USSR, the Reserve Bank of India have further revised the Indian Rupee Value of the Special Currency Basket in the manner indicated below :-

	Effective from 		Rupee Value 	6.3.1998 			47.0942 

2. The above revision would apply to the deferred payment contracts concluded under both the Deferred payment Protocols dated 30.4.81 and 23.12.85 between the Government of India and the erstwhile USSR.

Sd/-
(N.L. LAKHANPAL)
DIRECTOR GENERAL OF FOREIGN TRADE

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