India Lets 30 Countries Trade With Rupee in New BRICS Strategy
US President Donald Trump imposed 25% tariffs on India, accusing it of indulging in anti-American activities. Trump also imposed a penalty on India for buying Russian crude oil and military equipment despite the sanctions. The US President is coming down hard on BRICS, especially India, accusing them of advancing de-dollarization by putting the rupee ahead for trade and transactions. Even before Trump imposed 25% tariffs, India had been closely working to allow nearly 30 countries, including BRICS members, to settle payments in the rupee through the special Vostro bank accounts. The Reserve Bank of India (RBI) recently lifted the cap on Vostro accounts investments to push the rupee-denominated trade, according to a recent report from Reuters. Also Read: Trump’s 25% Tariff on India Puts BRICS Unity to the Ultimate Test BRICS Strategy: 30 Countries Allowed to Settle Payment With India in the Rupee Source: FinancialExpress.com BRICS member India is aiming to internationalize the rupee wit...