Public Notice No. 27 (RE-98)/97-02: Indian Rupee Value for Deferred Payments

Government of India issued Public Notice No. 27 (RE-98) on August 6, 1998, announcing a revision of the Indian Rupee value of the Special Currency Basket for deferred payments contracts established under protocols with the former USSR. This amendment, effective from August 25, 1998, sets the rupee value at 50.2750 and applies to contracts related to machinery and equipment deliveries from the USSR under agreements dated April 30, 1981, and December 23, 1985. The notice refers to earlier Public Notice No. 74-ITC(PN)/85-88 from February 21, 1986, for further details.

GOVERNMENT OF INDIA

MINISTRY OF COMMERCE

PUBLIC NOTICE NO. 27 (RE-98)/97-02

NEW DELHI; DATED THE 6^TH AUGUST,1998

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 30^th April, 1981 for the period l.l.81 to 31.12.85 and the Deferred payments protocol dated 23^rd 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 21^st 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 30^th April, 1981 and 23^rd 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

25.8.1998                                                                         50.2750

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

Sd:

( N.L. LAKHANPAL )

DIRECTOR GENERAL OF FOREIGN TRADE

Copy to all concerned;

By Order etc.,

( RAJAN SUDESH RATNA )

DEPUTY DIRECTOR GENERAL OF FOREIGN TRADE

(Issued from File No. IPC/23(16)/81-86 (Pt.)