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 <p>BRICS members India, China, and Russia, are convincing other developing countries to trade in their respective native currencies and not the U.S. dollar. The three nations are successful in their motives as several Asian countries are paying in local currencies for cross-border transactions. India has taken a step further as the Modi government is moving towards making the Rupee recognized internationally. Countries that are facing a shortage of the U.S. dollar as reserves are mostly looking to settle trade in local currencies.</p> 
 <p><strong>Also Read: Exclusive: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Will Discuss Use of Local Currencies at August Summit</strong></p> 
 <h2 class="wp-block-heading" id="h-brics-22-countries-open-special-accounts-to-trade-in-rupee-sideline-u-s-dollar">BRICS: 22 Countries Open Special Accounts To Trade in Rupee, Sideline U.S. Dollar</h2> 
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  <img decoding="async" width="1024" height="566" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="India Modi Rupee INR BRICS" class="wp-image-103165 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 1040w" data-eio="j"> 
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   <img decoding="async" width="1024" height="566" src="https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp" alt="India Modi Rupee INR BRICS" class="wp-image-103165" srcset="https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/a112824240e15a36d0cd37db87d69567.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: FinancialExpress.com 
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 <p>BRICS member India convinced 22 countries to open special Vostro bank accounts to settle trade in the Rupee for imports and exports. Vostro is a special bank account created specifically for business purposes where domestic Indian banks enable payments from other countries. The banks will allow Rupee remittances from overseas making it easier for other countries to settle trade in INR.</p> 
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 <p><strong>Also Read: 13 Countries Officially Apply To Join <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Alliance</strong></p> 
 <p>The 22 countries that have opened the Vostro bank accounts to trade with <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> with the <a rel="noopener noreferrer nofollow" title="Rupee" href="https://thebittimes.com/tag/rupee.html">Rupee</a> are Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom.</p> 
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  <img decoding="async" loading="lazy" width="1024" height="802" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="India flag" class="wp-image-99269 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 1024w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 300w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 768w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 380w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 550w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 800w, https://cdn.thebittimes.com/images/2023/08/04/fc8fe9f5fe8d6720f17f5026e7735b5b.webp 1040w" data-eio="j"> 
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    Source: Forbes / GettyImages 
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 <p>Rajkumar Ranjan Singh, India’s Union Minister of State said that the government has simplified the Vostro payment process. <strong>“Government is engaged with the Indian trading community including the Small and Medium Enterprises (SMEs) to simplify the administrative procedures to implement this mechanism,”</strong> he said.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> Refutes Claims That It Opposes <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Expansion</strong></p> 
 <p>Moreover, the move will strengthen the Indian Rupee allowing better foreign exchange rates in the international markets. This also gives the BRICS alliance a boost as the U.S. dollar will be less used. BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The next summit will be held on August 22 to 24 in Johannesburg. The group will decide on expansion to BRICS+ by inducting other countries into the bloc.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>India</li> 
  <li>Narendra Modi</li> 
  <li>Rupee</li> 
 </ul> 
</div>

BRICS: India Convinces 22 Countries to Trade in Rupee, Ditch US Dollar

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