Story perspectives

India Rejects Common BRICS Currency Proposal, Backs Payments Linking

By Drooid · Sep 13, 2026, 4:19 AM UTC · How we work

Center

India Denies Currency

On 12 September 2026, India’s Ministry of External Affairs announced there is no proposal for a common BRICS currency.
The summary stresses Russia’s export-settlement shift to an alternative system and India’s UPI processing over 250 billion transactions annually.
BRICS finance ministers and bank governors said the Payment Task Force is studying payment interoperability.
Commerce Minister Piyush Goyal urged BRICS nations to link instant payment systems, citing India’s UPI.

Right

India Rejects BRICS

India’s Ministry of External Affairs said on 12 September 2026 there is no proposal for a common BRICS currency.
The statement came amid U.S. President Donald Trump’s warning that BRICS moves to reduce dollar reliance could trigger punitive tariffs.
Secretary Sudhakar Dalela said bilateral trade in local currencies will continue to cut transaction costs.
Commerce Minister Piyush Goyal said India backs linking central bank digital currencies for cross-border transactions.

Blindspot

Russian Economic Development Minister Maxim Reshetnikov said Russia’s export settlements in dollars and euros dropped from roughly 85 % to about 11 % over three years, as the country turns to an alternative international financial system.
Within this story's sources, this angle appears mainly in Center-leaning coverage and receives less attention in Right-leaning coverage.

History

Historical Context

In August 1971, President Richard Nixon suspended gold convertibility, ending the Bretton Woods system and establishing the U.S. dollar as the chief global reserve currency. By 1975 the International Monetary Fund reported roughly 70 % of global foreign-exchange reserves were held in dollars, a share that rose to 78 % by 1999. Today, India’s ministry and Russia’s ministry reject a BRICS currency, promoting UPI and a rupee to cut dollar exposure, prompting President Donald Trump’s tariff warnings. If BRICS nations adopt interoperable payment networks, the precedent set by the 1971 dollar shift may accelerate a multipolar reserve system, reshaping global trade finance.

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India Denies Currency

On 12 September 2026, India’s Ministry of External Affairs announced there is no proposal for a common BRICS currency.
The summary stresses Russia’s export-settlement shift to an alternative system and India’s UPI processing over 250 billion transactions annually.
BRICS finance ministers and bank governors said the Payment Task Force is studying payment interoperability.
Commerce Minister Piyush Goyal urged BRICS nations to link instant payment systems, citing India’s UPI.

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