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India Uses Rupees for International Trade – 18 Countries Agree to Trade in INR

Following the US Federal Reserve’s sharpest tightening in monetary policy in decades, India has offered its currency as an alternative for trade to nations that are experiencing a shortage of dollars, Bloomberg reported.

As a result of Joe Biden’s disastrous economic policies, there are now coordinated efforts to weaken the global reliance on the U.S. dollar

India’s new foreign trade policy took effect on April 1, according to Reuters.

The outlet reported:

The South Asian nation is prepared to trade in rupees with nations facing a shortage of dollars so as to “disaster-proof” them and effectively boost its exports, Commerce Secretary Sunil Barthwal told a news conference in the capital, New Delhi.

The measures include industry-specific targets to reach a goal of $2 trillion in exports of merchandise and services by 2030, said Santosh Kumar Sarangi, head of the directorate-general of foreign trade (DGFT).

That represents a nearly three-fold jump from expected exports of $770 billion in financial year 2022/23, he added, despite global uncertainties that make the export scenario slightly challenging.

India is also launching a new amnesty scheme for one-time settlement of defaults on export obligations, Sarangi said.

The scheme, which aims for faster resolution of trade disputes, will run until September 2023, but will not apply to cases involving fraud investigations.

India’s new policy will also automate some trade approvals and cut charges for medium-sized and small businesses to secure some government-backed benefits.

Bhagwat Karad, India’s minister of state for finance, said that the Reserve Bank of India had approved the opening of special rupee vostro accounts (SVRAs) of correspondent banks from 18 countries in 60 separate cases.

The countries include Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom.

Also, according to a senior Russian official, the BRICS countries (Brazil, Russia, India, China, and South Africa) are in the process of developing their own currency that will be presented at the organization’s upcoming summit in South Africa.

Below is recap of countries stepping away from reliance on the US dollar in the last few weeks:

  • Saudi Arabia enters trade alliance with China, Russia, India, Pakistan, and four Central Asian nations to step further away from reliance on the US dollar.
  • China and France complete first LNG gas trade using Chinese Yuan, ending reliance on the US dollar for energy trades.
  • China and Brazil to settle trades in their own currencies, ditching the US dollar.
  • Brazil, Russia, India, China, and South Africa (BRICS) are developing a new currency, State Duma Deputy Chairman says.
  • Saudi Arabia partners with China to build a Chinese oil refinery for 83.7 billion yuan ($12.2 billion).
  • Kenya signs deal with Saudi Arabia and UAE to buy oil with Kenyan shillings instead of US dollars.
  • President of Kenya tells citizens to get rid of US dollars.
  • Association of Southeast Asian Nations considers dropping the US dollar, euro, yen, and British pound for local currency financial settlements.

  • Slim says:

    Thank Joe Biden for the destruction of America.

  • John says:

    You and thank the globalist fascist pigs in our government on both sides of the fence that gave away our money to the scumbag treasonous third world shitholes and now they turned their back on us and betrayed America this is why we need to close our borders and only do manufacturing within our country & build this country great again, then destroy these bastards one at a time like what was done after the Japanese sneaky bastards bomb Pearl Harbor, but American government has turned communist and fascist on the people they have to be removed first in order for America to get our country back, a clean out from the fraudulent White House through the Supreme Court, and right down to local government agencies 100% corrupted

  • Raconteur Duck says:

    This is not just Biden. It is his handlers, the Democrats in toto and the spineless RINOs. We have one year to turn this around and get the economy under control. That must start with cleaning the Democrats and RINOs out of Congress and continue with the bureaucrats in the alphabet departments.

  • EZ says:

    let all these countries dig their graves, keep a list of these fucks for when we have a real admin. in dc again so we can tax the fuck out of their imports or just ban the f#cks all together. we don’t need anything from any of them. restart US production and export job killing demo’s

  • Sam says:

    The additional advertisements make this article lose credibility, even though I have concerns about the US dollar. I could never share this as valuable information because of the ad choices.

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