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BRICS member India on Tuesday announced the launch of a new foreign currency settlement system. The development marks a major step in enhancing India’s standing as a global financial hub. The system enables real-time settlement of foreign currency transactions within the upcoming Gujarat International Finance Tec-City (GIFT City). Also Read: China Rejects US Soybeans, Buys From BRICS Countries Foreign Currency Settlement System: BRICS Member India Charts a New Course Source: Adobe Stock The new system will eliminate the delays that usually last two days for foreign currency settlements in the existing mechanism. GIFT City’s International Financial Services Centre (IFSC) will oversee the operations and provide real-time settlements. Several IT companies around the world, including BRICS countries, can send their currencies to India and will be converted in real-time. “Transactions in foreign currency by entities in IFSC are today settled through correspondent banking arrangements r...

Ahead of the BRICS 2025 summit, India’s Prime Minister Narendra Modi is on a 5-nation tour to Ghana, Namibia, Trinidad and Tobago, Argentina, and Brazil. His last stop is in Rio de Janeiro to attend the 17th summit on July 6 and 7. In a first, India revealed the main agenda for the BRICS 2025 summit which other members kept under wraps. The statement provides meaningful insights on what the alliance could discuss at the upcoming 2-day summit in Brazil. Also Read: BRICS To Discuss Rare Earth Supply & Exports at 2025 Summit BRICS 2025 Summit: India Reveals the Main Agenda in Rio de Janeiro Source: BSMedia BRICS member India confirmed that the 2025 summit in Rio de Janeiro will see discussions on a balanced multipolar world order. The alliance is aiming to cut ties with the US and Western financial order and seek a multipolar financial world. The bloc has made it clear that it is not against the US but only wants to strengthen its economies. “ As a founding member, India is committed...

US President Donald Trump is looking to hit BRICS member India where it hurts them the most, which is the remittance tax. The new tax proposal by the House Republicans could impact a significant number of Non-Resident Indians (NRIs), as the bill aims to levy a 5% tax on remittances sent to India from the US. Also Read: BRICS: 5 Countries Pay 93% of Trade in National Currencies The bill was first introduced last Monday, where international transfers from non-citizens to BRICS country India will face a 5% tax. The bill, if passed, will affect workers who send money back to their families in India. The 5% tax will be used to help fund tax breaks and also tighten border security measures. Also Read: BRICS: Tanzania Officially Bans the US Dollar 5% Remittance Tax Could Soon Hit BRICS Member India Source: Forbes / GettyImages Trump has publicly called the legislation “great” and “one big beautiful bill” is also ensuring that Republicans pass the legislation. The 5% tax on remit...

BRICS member India is repeatedly making it clear that they will not ditch the US dollar for trade and transactions. India’s Foreign Minister S. Jaishankar spoke in the Parliament regarding the de-dollarization agenda and the country’s role in it. He confirmed that India is steering off any anti-dollar moves amid US President Donald Trump’s tariff threats. Also Read: BRICS: New Country Plans to Reduce 25% of Trade Without US Dollar “BRICS, a platform that has grown in membership and agenda over the last two decades, seeks to enhance understanding among the international community,” said Jaishankar in response to a question in the Lok Sabha Parliament. Trump had threatened to impose tariffs on India and all BRICS nations if they plan to reduce dependency on the US dollar. Jaishankar added that India has conveyed its stance to the US authorities during bilateral discussions that they will not pursue the BRICS agenda of sidelining the US dollar. Therefore, the de-dollariz...

India is now inching towards establishing its reputation as one of the most powerful international trade contenders by bolstering its exports. In a recent interview with India ’s commerce and industry minister Piyush Goyal, the head of the realm, reiterated how India has noted a 9% growth in exports, which may continue to expand more soon. Also Read: New ASEAN Country Ditches The US Dollar For Trade India’s Exports To G7 Nations Continue To Gain Momentum Source: Outlook India India is building a robust trade link that will increase the capacity of its export business. The country now targets enormous revenues of $800 billion arising from its exports to G7 countries. The sharp estimate was recently shared by the nation’s commerce and industry minister Piyush Goyal. Goyal expressed his optimism about India scaling its exports to G7 Nations. The G7 bloc comprising Canada, France, the UK, Germany Italy, Japan, and the US will be the recipients of India ’s prolif...

As part of the reported restructuring efforts at Rario, a number of roles are also being eliminated, according to the report. Rario, a Polygon-based platform issuing cricket-related nonfungible tokens (NFTs), has reportedly seen its founders leaving the firm after two years since launch. Founders of Rario, including Rario CEO Ankit Wadhwa and chief technology officer Sunny Bhanot, are being pushed out as investors at the startup to exert greater control over the platform, TechCrunch reported on Sept. 8. Rario CEO Ankit Wadhwa (left) and CTO Sunny Bhanot (right). Source: TechCrunch Dream11, a major Indian fantasy sports platform and the largest backer of Rario, is being ousted as well, according to the report. As part of other restructuring efforts at Rario, a number of roles are also being removed, the report said. Apart from Dream11, Rario has some prominent investors including the global investment company and cricket legend Sachin Tendulkar. In April 2022, the cricket NFT platfor...

The Indian government’s stance regarding crypto and Web3 remains vague. While they support blockchain and some Web3 developments, the authorities are primarily against cryptocurrencies that are based on blockchain. The tax burden and lack of payment support have become major challenges for the crypto community in India. advertisement Also Read: Coinbase Looks To Singapore Amid US SEC Woes Proposals to Restore UPI Access For Crypto Exchanges The Indian government and the central bank RBI received proposals to restore the access to Unified Payments Interface (UPI) for crypto firms, including crypto exchanges in India. Two proposals have already been submitted. A third proposal will be submitted by Bharat Web3 Association (BWA), the apex body leading Web3 companies in India. The proposal will seek to convince the government and RBI to restore UPI payments for Web3 companies, crypto firms, and exchanges. Recommended Articles ...