Public Notice No. 29/2002-07, issued on 6th August 2002 by the Ministry of Commerce, informs about the revision of the Indian Rupee value of the special currency basket for deferred payments contracts between India and the USSR. This revision is based on the provisions of the Indo-USSR deferred payments protocols dated 30th April 1981 and 23rd December 1985. The revised value, effective from 27th June 2002, is 55.7981 Indian Rupees. The revision applies to contracts concluded under both protocols related to the delivery of machinery and equipment from the USSR to India on deferred payment terms. The notice serves as an update for relevant stakeholders to adjust their deferred payment contracts accordingly.
GOVERNMENT OF INDIA
MINISTRY OF COMMERCE
PUBLIC NOTICE NO. 29/2002-2007
NEW DELHI; DATED THE 6th August, 2002
Subject: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 l.l.81 to 31.12.85 and the Deferred payments protocol dated 23rd December, 1985 for the period l.l.1986 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.
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 |
| 27.06.2002 | 55.7981 |
2. The above revision would apply to the deferred payment contracts concluded under both the Deferred payment Protocols dated 30.4.1981 and 23.12.1985 between the Government of India and the erstwhile USSR.
( L.MANSINGH)
DIRECTOR GENERAL OF FOREIGN TRADE
Copy to all concerned;
By Order etc.,
(A.K.Sinha)
DEPUTY DIRECTOR GENERAL OF FOREIGN TRADE
