To,

All Banks Authorised to Deal in Foreign Exchange

Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

Attention of Authorised Dealer (AD) banks is invited to A. P. (DIR Series) Circular No.35 dated June 07, 2006, wherein the rupee value of the special currency basket was indicated as Rs. 58.7054 effective from May 04, 2006.

2. AD banks are advised that a further revision has taken place on May 26, 2006 and accordingly the rupee value of the special currency basket has been fixed at Rs.60.4958 with effect from May 31, 2006.

3. AD banks may bring the contents of this circular to the notice of their constituents concerned.

4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,