Gravitas: RBI announces rupee mechanism for foreign trade

The Reserve Bank of India has rolled out a system to settle international trade transactions in the Indian rupee instead of the dollar. How does the rupee trade work? How will it impact India's trade relations? Palki Sharma tells you.
#Gravitas #RBI #ForeignTrade
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[@americanlad434]

Though I'm an American, I believe nations should value the needs of their people. I'm glad India is doing this, and believe it will help India and the surrounding countries a lot.

[@sanadivyani7045]

FYI Qaddafi Saddam tried selling petrol in different currency rather in USD you saw the fate that's American govt. So called world police from 1945 onwards

[@TigerUppercut.00]

You are not an American.. you Russian bot..

[@Leshic2]

American, and I agree

[@distorteddingo9230]

It's what the founding fathers would have wanted, not foriegn interventions, subsidizing their nations.

[@MrSridharMurthy]

Yes ! You hit the nail on the head Sir !

[@sparkiekosten5902]

Looks like India is stepping up and becoming a power in their own right. I hope it works for them and they become a good for the world!

[@jayap3557]

yes, our country was colonised and our people robbed of self esteem for ever... till date... God knows what the so called "founding fathers" of a supposedly "independent" india thought of the country's future and its future generations... precious little... anyways hopefully things are changing... but there is a point of no return sometimes...

[@sparkiekosten5902]

@@jayap3557 History is a learned lesson! It is the future which you can control and strive for. Sorry sounds corny I know but my point stands that India is no small fish in a big pond anymore. With all the advancements and technology India is in a position to become a business mecha and become a wealthier nation for it. Hopefully it will mean better things for the underprivileged and allow the reduction of poverty and increasing the standard of living!

[@rajtheking659]

@@sparkiekosten5902 added point that INDIA never invade on another nation like the westerners. And we never show aggression even to our enemies... That doesn't mean we're weak.

[@anantavriksha3829]

Absolutely true..

[@rajtheking659]

@JokoJo UK 😅 lol the happiness index shows SRILANKA people is more happier than INDIA.😂🤣 fckuck western degradation... 💩

[@zambianyoutuberx]

Am a Zambian KZbinr saying that Indians are extremely bright in School so its time we started to see that brightness get used in Managing India's Economy, good move!

[@derekwhittom1639]

There’s no brightness to this idea. It’s just a different way to subsidize imports (especially luxury imports). It won’t solve india’s foreign exchange problem.

[@mvcybron]

@@derekwhittom1639 source?

[@derekwhittom1639]

@@mvcybron source for what? Basic finance?

[@derekwhittom1639]

Lets say your rent is $500/mo and your full-time job pays you $400/mo. You have a shortfall. Can you solve your rent problem by quitting your job to work full time for your landlord for $400/mo rent credit? No. You can’t solve a current account deficit by a currency swap. You can only solve it by importing less or exporting more. If you don’t, you have to use reserves to pay the difference, or have positive capital inflows (which India does not have). Sri Lanka defended the rupee until it ran out of reserves to buy critical goods. RBI’s idea is better than that, but it still won’t work. India should let the rupee weaken. That will narrow the current account deficit.

[@mvcybron]

Weaker currency hurts imports. Our biggest imports is fuel. As we look at Russia for our energy needs, it is a good measure to reduce dependency on $. It is not expected to have a huge impact immediately, but these are long term strategic plans. This has nothing to do with subsidy on importing luxury items like you claimed. Neither it has anything to do with basic economics. It’s just your inaccurate opinion.

[@bertanelson8062]

India & Russia agreed to this when they set up the oil deal. They decided that the ruble might be too changeable in value & agreed that strengthening the rupee was a good idea. This is what true diplomacy & shared interests looks like! Dealing in more than one global currency works best for all. No more weaponizing currency, no more sanctions and no more stealing from national reserve bank accounts!

[@handle-changed]

and i hope also stop bombing people and spreading hate and lies and supporting mass murderers

[@mongolianares]

Then RIP the west

[@james6401]

I looked at the graph of rupee-ruble rates and it's remained fairly stable for a few years

[@ssaha7947]

Well said

[@aditya-ml6km]

@@james6401 Both India and Russia have large reserves of Rubble and Indian Rupee due to the Soviet era payment system. Rupee-rubble system goes back to as far as 1970s.

[@MrVinodeva]

That was a Master Stroke! Needs strict implementation without any big flaws

[@Maolana_ModiG]

It could be turn out as mistake stroke

[@shreyangshumodak8923]

@@Maolana_ModiG a mistroke you mean?

[@vikasmalviya3974]

@@Maolana_ModiG still gotta give it a try. One should be able to take risk and adopt the favourable change

[@vi_illusionworld111]

Ek master stroke demonetisation ke wakt bhi mara tha aaj tha bhugat re he 😜😝😝

[@shreyangshumodak8923]

@@vi_illusionworld111 es masterstroke ke baje se hi financial tech aur iske application mei bharat duniya se 20 saal aage hai

[@joeharry32817]

About time, why do we use US/Euro when eventually, it makes you a colony of such countries. Free market should have this mechanism in all countries

[@Damien_Mctyline]

Zionist practice.

[@syamkumarkaturi9761]

All countries currency s are in trade .what RBI is saying is not understandable. RBI is in confusion because of covid-19.If rupee had demand in world wide it trades higher if not it trades lower.

[@syamkumarkaturi9761]

All countries currency s are in trade .what RBI is saying is not understandable. RBI is in confusion because of covid-19.If rupee had demand in world wide it trades higher if not it trades lower... RESOURCES ARE MORE IMPORTANT THAN PAPER CURRENCY.

[@mvcybron]

@@syamkumarkaturi9761 stop smoking cardboard.

[@mahendrasivaraman]

@@syamkumarkaturi9761 Rp did not have much demand because there was no much mechanism to use it for trade other tha USD but with new rbi direction than hopefully more businesses will use Rp which will increase its value.

[@mlionea]

I want India to ask for rupees asap. Lets get the dollar done!

[@kazan4059]

Do you think it's easy china turkey Russia together try this and it's failed

[@anonymousxd6310]

@@kazan4059 This is India we are talking about, not china.!!😂!!

[@chrisfelix9065]

@KAZAN the situation now is different as their is no one in comfort zone, with US dishing out sanction anyhow, this sanction thing can happen to anyone one at anytime, and if you are have already been sanctioned (Russia) or likely to get sanctioned (India) what do you have to loose?

[@helenscoffield]

It's already 'done', miracle is anyone accepts them. They just invented trillions march 31st to play war and reconstruction in ukraine.

[@redeyexxx1841]

@@anonymousxd6310 If China can't do then India certainly can't. Russia literally asked for Yuan for trade. Russia just exports to India not import. So why would they need Rupee? They'll instead ask for Yuan!

[@Amer.Rai.]

Yes parallel currency system is important factor.Russia-Ukraine war divided world into atleast two groups.United States can block foriegn currency reserves of any country any time ,so parallel currency system is important factor.

[@syamkumarkaturi9761]

All countries currency s are in trade .what RBI is saying is not understandable. RBI is in confusion because of covid-19.If rupee had demand in world wide it trades higher if not it trades lower... RESOURCES ARE MORE IMPORTANT THAN PAPER CURRENCY.

[@syamkumarkaturi9761]

AMERICA WILL CANCEL HIGHER DENOMINATION DOLLARS TO CAPTURE BLACK MONEY

[@dynamicpanda9318]

Exactly, it's was a big factor in this change. Countries have realised that their assets can be frozen, in case any of their interests or decisions don't align with west.

[@derekwhittom1639]

@@syamkumarkaturi9761 the strategy is similar to a liquidity pool in crypto, basically creating a synthetic dollar. It’s an attempt to create an end-run around india’s current account deficit, and it won’t work.

[@logiccomputer8000]

@lakshya varshney usa is digging his own grave.let them do that

[@UMS9695]

A bold and confident move in the right direction!

[@syamkumarkaturi9761]

All countries currency s are in trade .what RBI is saying is not understandable. RBI is in confusion because of covid-19.If rupee had demand in world wide it trades higher if not it trades lower... RESOURCES ARE MORE IMPORTANT THAN PAPER CURRENCY.

[@syamkumarkaturi9761]

AMERICA WILL CANCEL HIGHER DENOMINATION DOLLARS TO CAPTURE BLACK MONEY

[@altmosetz_01]

India needs thinkers & visionaries. And this RBI Chief has proved himself to be one. He comes up with solutions & plans instead of just making noise & pointing out issues.

[@memama2174]

@@syamkumarkaturi9761 Dude you need more insight

[@vi_illusionworld111]

Delhi bahut durrrrr he bhaiya ruko Zara sabar karo 😜

[@vivienmartin9661]

So India has taken a leaf out of the Russian play book wrt imported/exported goods. Excellent move India. The more trade is conducted in currencies other than USD the less economic leverage the US will have to blackmail other countries.

[@jaspreetsingh-xg7if]

american dollar is illegitimate,if all countries of world return dollar to america and ask Gold in return then america cannot even exchange 10% of it's total currency.real worth of 100 american dollar is 15 cents which is cost to print this illegitimate money.america compelled most of countries of world to trade in dollar,as a result demand of dollar increased and hence it's value and printing increased.this benifit america tremendously.secondly america again uses this dollar flow as a weapon in form of sanctions. Countries are selling their time,labour, energy, resources, products for illegitimate printed piece of paper which is american dollar. This is organized exploitation and massive amount of wealth is drained from other countries to america. This is neo colonialism. India should decline use of american dollar.

[@johndicosta7993]

looks like u need to read more and change ur source of primary research......hope i am not reasoning a Chinese or an American , this mechanism was already in place and was in use between INDIA and Russia for oil payment and since it was a success so INDIA decided to go global so the IDEA was ACTUALLY INDIAN coz ONLY INDIA have ability to set up such a big digital infrastructure and exchange system...would also recommend u to read more about Indian digital UPI payment system which was initially mocked by all fast forward 2022 now INDIA is having the last laugh BYE BYE SWIFT

[@vivienmartin9661]

@@johndicosta7993 You obviously got out of the wrong side of the bed.

[@vivienmartin9661]

@@jaspreetsingh-xg7if Huh? The US went off the gold standard in 1971/2.

[@johndicosta7993]

@@vivienmartin9661 and hence u proved or say debunked my data and fact driven analysis factoring the current geo politics and market macros with ur incoherent strawman rhetoric ...🤣 try again i know what u said is a figure of speech but to level with IQ of ur types pls tell me "what side of bed is that"🤣?

[@wokeymcwokeface1974]

The future expansion success of this depends on India’s exports. If we export a lot, we can start demanding payment in rupees. That’s how rupee’s influence will grow!

[@handle-changed]

good to see also basic smart and logical commentaries here, which are in this channel rarity sadly

[@dwd_sty]

Wah guru, PD10 World affairs?

[@person1858]

True. Trouble is what kind of exports? I don't think India's exports are like China's. We aren't as widely trading with the world economy. We mostly trade with a smaller number of countries. We will likely not unseat the dollar but I can easily see the rupee becoming like the yen or euro in 30 years.

[@aditya-ml6km]

This is a double edged sword.

[@person1858]

@@aditya-ml6km Why do you think that?

[@ramakalimireddi9083]

Due to dollar lot of small countries are facing facing foreign exchange problems, besides USA blackmailing.

[@NareshDhokia]

■》 RAMA KALIMIREDDI, YES ABSOLUTELY. NOT ONLY THAT: ALSO FACING ECONOMIC, INFLATION, SHORTAGES CRISIS. ALL FOR WHAT? ALL FOR: 1. US. 2. EU. 3. IK. 4. NONSENSE A-HOLES TREATY ORGANISATION(NATO MEMBER COUNTRIES). WHEN THIS RUSSIA 🇷🇺 UKRAINE WAR, THE ABOVE MENTIONED ARE THE ROOT CAUSE OF IT ALL..WHY SHOULD, THE REST OF THE WORLD 🌎 COMMUNITY, COUNTRIES, HAVE SUFFER, FOR THE AVOVE MENTIONED(AS PER LISTED), BE SLAVES, OF THERE WAR MONGERING DICTATORS, GREEDY, SELFISH LIARS, HYPOCRITES, MOST SHAMELESS, WITHOUT ANY, CONSCIENCE, WITH ABSOLUTELY NO ETHICS, OR HUMANITY, IN THEM, WHATSOEVER!! 《■ ■》 THE NEW, ' MULTI-POLAR WORLD 🌎 ', IS THE ONLY POSITIVE OPTION, IN THE BEST INTERESTS OF, ALL CONCERNED. IT IS, JUSTICE, BEING DONE!! 《■₩

[@jaspreetsingh-xg7if]

american dollar is illegitimate,if all countries of world return dollar to america and ask Gold in return then america cannot even exchange 10% of it's total currency.real worth of 100 american dollar is 15 cents which is cost to print this illegitimate money.america compelled most of countries of world to trade in dollar,as a result demand of dollar increased and hence it's value and printing increased.this benifit america tremendously.secondly america again uses this dollar flow as a weapon in form of sanctions. Countries are selling their time,labour, energy, resources, products for illegitimate printed piece of paper which is american dollar. This is organized exploitation and massive amount of wealth is drained from other countries to america. This is neo colonialism. India should decline use of american dollar.

[@jaspreetsingh-xg7if]

At the end of ukraine war, hagemony of america and other western countries is going to end.american dollar will no longer remain world currency.american dollar is illegal and illegitimate.america ne goondagardi se esko world currency banaya tha.Aur Russia force use karke america ki goondagardi and es ka status as a world currency khatam kar Raha hai. India should sold 40% of american dollar of it's foreign reserve and buy Gold.India should sold 35% of it's american dollar and should buy Russian ruble and Chinese yuan equally. India should sold 10% of it's american dollar and should buy Iran and Saudi Arabia currency equally.India should only keep 5% of it's american dollar. India should sold rest of it's 10% american dollar and should buy currencies of eastern countries such as Indonesia, Malaysia,U.A.E and Brazil,south Africa.

[@devanand4857]

World will destroy doller euro pounds and through away this money

[@bhaktikulkarni2005]

@@jaspreetsingh-xg7if pls include Japanese yen as well.. we have huge business with them..

[@lajwantishahani1225]

Brilliant move! Besides buying crude oil from Russia, India is also selling refined products to other countries including the West so sidestepping the dollar will be very good. Also, this move should offset the recession fears and possibly be good for Indian economy.

[@negruvadalamuie5461]

We are not interested in trading Rupees though, it's worthless to us in the West.

[@derekwhittom1639]

It’s actually foolish. There will be a naval blockade of Russia and it will probably include India as well, since India wants to be an enemy to the naval powers of the world.

[@altmosetz_01]

Kudos to this RBI Chief for thinking ahead & coming up with something so brilliant. & the process seems quite simple

[@venkatkumar812]

True. I think India could have implemented this scheme way back perhaps that would have strengthened our currency. Anyways, difficulties always provide opportunities to learn.

[@WR-NC-ASPL]

Soon petroleum products from India may be sanctioned by the west because it is made from Russian crude oil..

[@KarthikeshwarSathya]

Finally the RBI making moves

[@lax20662]

Doubtfully. RBI is still under the influence .

[@altmosetz_01]

This RBI Chief is a visionary. He has been doing great work & is keeping India stable as well as aiding the country's growth.

[@nageshhavaldar1316]

​@Diva r lol 😂 🤣

[@praiseprince_]

@Diva r hell no, Modi government is trying everything in it's power to destroy RBI's autonomy, RBI warned the government about inflation rate but the government is ignoring that so that they can show stats about the "growing" economy.

[@altmosetz_01]

@@praiseprince_ Inflation is a worldwide phenomenon of recent. Nothing specifically to do with India or PM Modi . Given the shaky economy in so many countries in the current complex world situations , a developing country like India with such a huge population & so many legacy issues is still stable . That in itself is commendable

[@Kargbo7852]

Thanks to Russia 🇷🇺for the good initiative 👏👍I hope after India many countries will follow, coz, it's very beneficial for every country to start trading in their own currency.

[@Maolana_ModiG]

How old are u .. read lots of books

[@couchpotato5363]

@@Maolana_ModiG you need to go beyond books to understand the situation of how USA is weaponizing it's currency.

[@mindfreakmovies9586]

You got it wrong. It is India's initiative benefitting Russia. Also, every country can't trade in their own currency. In order to trade in a given currency certain guidelines must be followed: Stability of currency, demand & availability of currency, willingness to trade in that currency, does the country have growing economy, does the country have huge gamut of goods which other countries want to buy, etc. Majority of African, European, Americans (except U.S.), and Asian (except India and China), countries can't trade in their currency because they have nothing to offer as of now.

[@luvtotravel0143]

Spot on.

[@cezaryadamski8786]

Finally I've been saying it for a while, use only your own currency wherever possible.

[@GirishJois]

Americans should work for their economy like folks of other nations do, rather than depending on their petrodollar printing!

[@seamusoreilly804]

You should pay a visit to America and see how people work. I assure you My family has no money printing press at their farm.

[@williamgrant7391]

This comment belongs in a 3rd world country, as the op has the education of a 3rd world country. LoL

[@jojothepolyglot1866]

@@seamusoreilly804 The American government he means...

[@MeGauravit]

Countries like Zimbabwe and Venezuela printed in trillions and their economy went down but printing dollars brought up US economy. After Russia Ukraine war that froze Russian foreign reserves in SWIFT banks, world trade is totally changing.

[@xinglinjiang4952]

every one talk about it. but how much is it? how much money did US took from us? if it is only a few dollars. i don't mind. some times they release free hollywood movies right? for example.

[@polestar5319]

Right when I was young , I used to think, how can a country of hard working people be poor, a country of party animals and rich, Then I understood currency is the only thing they benefit, but according to natural law it cannot last long, the week has to perish.

[@kartikbhatia7823]

We weren't poor , first Mughals the Britishers exploited our economies and education system as our economies were handled through the treasury of Temples . India's traditional banks cum schools where Kings weren't allowed to touch those money was destroyed and looted by invaders .

[@kgapholasegadimanebethuel3873]

Thank you Putin, Multipolarity is what we have been seeking...

[@mikejaxon8696]

I want to invest in the crypto market I need a reliable broker that will help me trade my coin and make profits Any recommendations?

[@dennisgabriel9175]

I invested €9,000 and she traded it in 1week making close to €40,000

[@ouroborosbond7412]

I love how Russia is shaking things up worldwide and loosening Americas grip on other countries!

[@syamkumarkaturi9761]

AMERICA WILL CANCEL HIGHER DENOMINATION DOLLARS TO CAPTURE BLACK MONEY..

[@syamkumarkaturi9761]

All countries currency s are in trade .what RBI is saying is not understandable. RBI is in confusion because of covid-19.If rupee had demand in world wide it trades higher if not it trades lower... RESOURCES ARE MORE IMPORTANT THAN PAPER CURRENCY.....

[@jonnygreen2602]

Russia are invading another country and killing people indiscriminately. Stop supporting them. No, America don't have a spotless record either but this does not justify Russian terrorism.

[@ouroborosbond7412]

@@jonnygreen2602 That is the western perspective yes.. Putin was technically speaking the truth when he said about de-nazifying Ukraine as many Ukrainian azov members were indeed neo nazi like and it could even be considered a terrorist organisation before being made a legitimate Ukrainian armed force in 2014 with its independent funding from billionaires.. Sound familiar to you?

[@jonnygreen2602]

@@ouroborosbond7412 no, sorry, you're playing very fast and loose with the truth. Essentially Russia are destroying as much of a country as they can in an attempt to occupy it. There's no need to overcomplicate the truth.

[@kaikachishi]

Finally we are moving towards a change. Jai Hind ❣️❣️❣️

[@venpul244]

Start of a multi-polar trading world... trading in your national currencies... every other country is going to follow the same suite for their own benefits (if they have something valuable to offer to others).... just like Europe has got hooked to Russian oil/gas... nations have been hooked to the dollar/sterling which seems to be changing as well...

[@harishkasaudhan6765]

its not easy for every country to pay its own currency. You need ton of money for that because you will have open these accounts in different countries and will have to deposit few billion or at least few hundred million dollars worth of currency. Just imagine the total amount of money required for that for so many countries.

[@polarbear7]

@@harishkasaudhan6765 it's digital era 🗿

[@swiftusmaximus5651]

Good bye Petro Dollar. The US wants to reset now,LMAO.

[@kirathimorathima1177]

When every other countries follow the suite then, the chaos that will results, will end up working for the good of the dollar...

[@sanadivyani7045]

FYI Qaddafi Saddam tried selling petrol in different currency rather in USD you saw the fate that's American govt. So called world police from 1945 onwards

[@user-ke9gz2df1z]

An impressive move Reduces transaction time of foreign exchange Increases value of rupee Globalise Indian rupee Increases the stability of Indian rupees and thus Indian markets. Reduces demand for dollar encourage respective countries local currencies. But how long these mechanisms work with internal flaws in countries like India, which is following a system of economic patterns that may not be viable for longer periods without resorting to technological advancements,capital investment, realising demographic dividend,enhancement of export capabilities.

[@Kumarthanki]

Great move. India 🇮🇳 will never look back and do really well in new ways . Jai Hind

[@loboplateadostacker]

Congratulations, India. Taking a first step to give its currency traits of an international currency like the dollar. India could become a friendly bridge between West and BRICS enemies.

[@quiet7632]

India has long tried to be, having been a founding member of the Non-Aligned Movement during the Cold War.

[@shoumikchakraborty2788]

This is going to be a game changer. US and Europe will try to stop it.

[@comondra_mahesh]

They will not do this time. Bcoz we have powerful leadership.

[@EmperorMagnon]

@@comondra_mahesh can't say dude !We saw the buckling under pressure in Nuper Sharma case!

[@comondra_mahesh]

@@EmperorMagnon Nupur sharma case is different here. Central government was also against her speech. She didn't get support even from BJP.

[@sangeetashah3796]

To make this fertile India must multiply it's export many times in order to keep up or the same may turn futile

[@NareshDhokia]

YES. INDIA IS ALREADY, ON THE RIGHT TRACKS, GOING, IN THE RIGHT DIRECTION ✅️

[@altmosetz_01]

@@NareshDhokia That's till the Govt remains stable. A new Govt of a different party steps in & they stop/ change/ stall most of what the previous Govt has done or initiated & the country incurs loss in billions . This happens at Centre as well as State level. This Elections every 5 years is not conducive to India's development plans.

[@Nvk95729]

@@altmosetz_01 don’t worry till 2030 only one government gona rule

[@kemcarenatural]

Am happy Indian is stepping up their game, making Rupees more Global. Thanks Wion for detailed explanation on the benefits it holds My best news to go to anytime.

[@abhishekbhardwaj4583]

We are 16% of world population, and our needs fulfilled means 16% world is fed. So our govt will take steps in our interest. N we proudly support our govt.

[@VasVordokas]

Great lesson on how correspondent banking works

[@-AgnosticAtheist-]

Im waiting for this move for many months. Now feel good ❤️ INR ₹ 🔥⤴️.

[@royalhighness8383]

Most people venture into crypto trading to be a millionaire meanwhile I just want to be debt Free

[@madiezancanellatl9205]

Just do the right thing by trading with an expert trust me you will be successful and debt free

[@christianajoe8563]

I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings

[@thomasdooley3702]

Starting early is the best way to getting ahead of build wealth, investing remains the priority

[@haydencraig7149]

Crypto currency will outsmart the banking system in the nearest future serving as a global fiat. Already making over 75% of my investment

[@christopherhobb7702]

I advice everyone to start investing and never rely on just salary. No billionaire made it through salary

[@rohitjayasheel]

It is very good decision on part of Indian.Government. Every country in world should have option to choose which ever currency they want to use fir trade of goods and services as long it is beneficial for its own country people.

[@sisirincome]

It is a step in the right direction. If all big economies like India, Russia, South Africa and Brazil follow this mechanism then definitely US $ will have a southward curve

[@murgesheshwar]

Good initiative 👍 This will help bank to have additional funds flowing and will reduce the transaction time and brokerage/commission on forgine exchange

[@dakiwasaytorogi_bawin8839]

Great economic strategy. That can at least ease devaluation of your currency. More savings

[@lguadez]

This is the result of Western sanctions, countries are figuring out a way to decrease US dollar as the mode of currency. What the future holds remains to be seen.

[@glsaikumar]

Yes, giving assistance in rupees will help a lot instead of dollars

[@haydensonic]

On Palki Sharma can make it simple and easy to understand these economic things.

[@smoothsailor5101]

I wasn't aware that the foreign currency reserve problem is wider than imagined. Thanks for explaining the Indian solution to the problem. Very clear and precise explanation, as usual.👍💐💯

[@listenerobserver7160]

I think the idea of circumventing third nation currencies is good. In this way the countries would not increase the demand for that currency and strengthen their own as a currency is as good as its demand. (Imagine if the world would pay mainly with a currency issued by one country, then the economic production of many other countries than this one would effectively back the currency. Just imagine as it is so unrealistic. :) ) Actually, the idea is so simple, that I wonder why it was not implemented earlier. If this would also mean that the businesses have a better exchange (less fees) than at the currency exchanges and also that the exchange is transparent (neither seller nor buyer has to worry about it), then smaller businesses could profit by enabling easier foreign trade.

[@coversonkeys8617]

Well said👍

[@tishwar1428]

Reformation in money is most important to indian economy. God bless reservebank india

[@issacfloyd9630]

As an American, I really appreciate this channel and their dedication to unbiased reporting. Great work

[@shaankhaan1686]

*AFRICA ,Latin America, China ,Russia ,IRAN, ASEAN, Central Asian Countries these are the Countries where This Payment system can Works Well* ♥️

[@syamkumarkaturi9761]

All countries currency s are in trade .what RBI is saying is not understandable. RBI is in confusion because of covid-19.If rupee had demand in world wide it trades higher if not it trades lower.

[@syamkumarkaturi9761]

All countries currency s are in trade .what RBI is saying is not understandable. RBI is in confusion because of covid-19.If rupee had demand in world wide it trades higher if not it trades lower... RESOURCES ARE MORE IMPORTANT THAN PAPER CURRENCY.

[@syamkumarkaturi9761]

AMERICA WILL CANCEL HIGHER DENOMINATION DOLLARS TO CAPTURE BLACK MONEY

[@123xyzabccba]

Well such an arrangement is available to all nations but only those nations can resort to using their currency in bilateral or multilateral trade who are dominant in exports vis-a-vis the others. It’s only the value of exports that influences the value of a currency generally.

[@saigovind3006]

Well explained by palki sharma. She made it easy for anyone to understand. Should be an online tutor!

[@Yashodhanandhan]

Brilliant move by RBI.

[@srigirimaharaj1]

Good that dollar is no more a denomination currency, and all nations has to stop pegging their local currencies with other's

[@kirathimorathima1177]

Unfortunately other nations too will follow the suite... And the west being somehow shrewd, will try where possible to counter moves that would affect them...

[@simonparker919]

🇮🇳 rupees is only good for wiping 🧻 🚽 your. A. S. S

[@nikhilhembrom8952]

@@kirathimorathima1177 they have invaded iraq and libya because those are weak china and india both have nuclear weapons it will be nightmare scenario for them if they try to pull another iraq

[@sheepsoftheshepherdministr2492]

Every country must do this

[@aug2890]

Very good move. Don't depend upon west and usa.

[@thetruth3322]

One simple question. How to differentiate export payments for taxes? If the money is in rupees.

[@amirulasraf307]

As a Malaysian i am shock India just doing this. I thought they are doing this for so long. We used Ringgit in most of our transaction so we are not badly impacted by the foreign exchange rate. Imagine you lot adapting this 10 years ago. Your economy will be better and rupee will appreciate much than where its now Not sure if its too late. But better late than never.

[@apapa153]

Master stroke towards ending of dollars dominance.

[@jaspreetsingh-xg7if]

american dollar is illegitimate,if all countries of world return dollar to america and ask Gold in return then america cannot even exchange 10% of it's total currency.real worth of 100 american dollar is 15 cents which is cost to print this illegitimate money.america compelled most of countries of world to trade in dollar,as a result demand of dollar increased and hence it's value and printing increased.this benifit america tremendously.secondly america again uses this dollar flow as a weapon in form of sanctions. Countries are selling their time,labour, energy, resources, products for illegitimate printed piece of paper which is american dollar. This is organized exploitation and massive amount of wealth is drained from other countries to america. This is neo colonialism. India should decline use of american dollar.

[@jaspreetsingh-xg7if]

At the end of ukraine war, hagemony of america and other western countries is going to end.american dollar will no longer remain world currency.american dollar is illegal and illegitimate.america ne goondagardi se esko world currency banaya tha.Aur Russia force use karke america ki goondagardi and es ka status as a world currency khatam kar Raha hai. India should sold 40% of american dollar of it's foreign reserve and buy Gold.India should sold 35% of it's american dollar and should buy Russian ruble and Chinese yuan equally. India should sold 10% of it's american dollar and should buy Iran and Saudi Arabia currency equally.India should only keep 5% of it's american dollar. India should sold rest of it's 10% american dollar and should buy currencies of eastern countries such as Indonesia, Malaysia,U.A.E and Brazil,south Africa.

[@roxymax8917]

@@jaspreetsingh-xg7if Russia gundagardi nahi karte ? Putin to sabse bada gunda hain. Sabse illegal kaam Russia hi kar rahe hain currently

[@Maolana_ModiG]

@@jaspreetsingh-xg7if apna gold to britain me rakh ayi h congress . Wo kb ayega.

[@jaspreetsingh-xg7if]

@@Maolana_ModiG world ka sabse big Chor britain hai. congress ko bhi britain ne banaya tha 1882 mein in Bharat.jitne Chor hai jaise vijay maliya enko lootere britain ja kar Ghar jaisa mehsoos hota hai. Humko, media ko, government ko abb kehna chahiye ke britain hamari looti hui wealth wapis kare jo osne 200 se bhi jada years mein looti hai Bharat se.

[@nothingnew8292]

Dwn with the dollar?....alot countries might be going that route soon.

[@pavanchaurasia4637]

Good step by RBI to strengthen value of 'Rupee' and its dominance in the world.. Countries in the Indo-Pacific region will surely benefit from this move.. Jai Hind Jai Bharat...

[@mandarp9472]

India and other such countries which want to avoid sanctions should form a new currency based on gold which will be very helpful, tradable, convertible to any currency.

[@forms-senses-abilities]

Can you please open also in the Philippines?

[@akshaypradeep5079]

If the philippine government agrees to receive payments in INR.

[@syamkumarkaturi9761]

AMERICA WILL CANCEL HIGHER DENOMINATION DOLLARS TO CAPTURE BLACK MONEY

[@oomz1975]

Coming soon....

[@Gauravgangwarji]

This system has many problems some of these are give below 1) If there is huge trade deficit then one of those country will have a large reserve of other currency. It will lead a problem. This method is beneficial for those country where trade is balance between those countries.

[@xnakama3319]

I will support indian rupee from 🇵🇭

[@satyamsoni1004]

Me too for Phillipines currency from 🇮🇳

[@TamagoHead]

Great, another currency to track when doing international trade contracts.

[@Sk-po9dx]

This is a good move. I'm sick of USA misusing dollars as global trading currency.

[@kelvinscale3952]

wow this idea was originally first applied by Russia...and it's good that other countries are following...the usd is at risk to say the least...

[@kartikbhatia7823]

Actually this idea is framed by RBI when we swapped 35 million dollars of amount of currency with UAE in January and to implement it we still not have approached Russia or any other nation till now so , basically it need time to get implemented

[@eddym5532]

The trouble with fiat money (no gold reserve to back up) is only paper and paper money is nothing but credit.

[@super-z8943]

It will be interesting to see how China responds to this. Bypassing the dollar has always been China's dream but will they favour India?

[@spd1000]

They already bat for Petto-Yuan. They were celebrating when we did a transaction with Russia with Yuan

[@super-z8943]

@@spd1000 If India offers India- China trade in Rupees or Dollars only, what will China choose, thats the question. There is no option for yuan here. China is not concerned about rupee at all, but see dollar as a threat. I hope you got my point. There is no yuan vs rupee situation here.

[@spd1000]

@@super-z8943 see IndoChina Trade is Huge, so China will use Rupee if we started using Yuan. Bevause in case of Sanctions on China, Dollars will be of No use.

[@thetrendingworld6286]

Report on the Southern African fiscal and monetary issues. Zimbabwe has been on the news recently regarding a coin announcement. I learn a lot from almost every session.

[@sonumbaeng]

Here we go. After China, Russia now India has joined the Dollar Dump bus. 🤑

[@oomz1975]

They even mentioned it months ago when the sanctions (lol), were implemented. Latin America & Africa will join in along with all the countries that have been stabbed in the back by the west.

[@hanfucolorful9656]

China is not on the Dollar Dump bus. 1980: 1$ USD = 6.5 Chinese Yuan, 1$USD = 7 Indian Rupees 2022: 1$ USD = 6.5 Chinese Yuan, 1$USD = 79 Indian Rupees If China take action, the USD doomed.

[@dev_peace_soul]

@@hanfucolorful9656 it is because of dirty politics we had before!

[@negruvadalamuie5461]

@@hanfucolorful9656 if China takes action, over half the demand for Chinese goods vanishes. See how long China lasts then before imploding ;)

[@pavithra7818]

I just love how things are going

[@charmy1141]

It not only helps other small countries but also stops china currency growth, no currency will be dominate the market it might have some faults but I really hope it works

[@swatisharma9006]

I agree to strengthen global financial wellbeing there should be more than one international currency in the financial systems across nations. For any domestic economic resilience, I would however think reassessment of imports and exports is necessary- this assessment has to include climate impacts as well plus any possibility where countries have to switch to clean energy and/or pay huge fines for carbon emissions. Nature is calling for immediate switch but not sure why world leaders are not accepting the reality of it. Just like China’s housing market, we do not want to trade fossil fuels for wheat/garlic. But may be considering that climate initiatives take a back seat; smoother phase out is what is likely going to happen. For strengthening domestic economy- focus on local production and investment in smaller local business models will help in my opinion. World stage is one thing; domestic ground is another and domestic should take priority.

[@sudheerreddy3401]

clean energy is a hoax buddy

[@gauravkumar_b.1067]

That's good for future but for now the rupee can't come back. But can maintain its value or slow it's deterioration. But rupee can't be strengthened unless india do good in foreign countries transaction.

[@iben1195]

How then will exchange rates be determined? Who will set the value of each currency at any given time?

[@Calabi-yau11]

The best move , this benefits india In the long run, this will actually make other countries encourage to adopt this system and after some period dollars will only have value according to its exports but not by "dollar dance"( the lie which is said it is stable like gold) this was the reason dollar got this much value, it is like every person believed that something which is a lie but believed it to be truth and consequently it turned into true

[@Decker97]

A confident move👏

[@syamkumarkaturi9761]

All countries currency s are in trade .what RBI is saying is not understandable. RBI is in confusion because of covid-19.If rupee had demand in world wide it trades higher if not it trades lower... RESOURCES ARE MORE IMPORTANT THAN PAPER CURRENCY.

[@syamkumarkaturi9761]

AMERICA WILL CANCEL HIGHER DENOMINATION DOLLARS TO CAPTURE BLACK MONEY

[@oomz1975]

'Everyone thinks that they are gangster until the real gangster shows up'

[@gautamkumardas2305]

why this idea is implemented so late. this could have been implemented at least on 2015,

[@alok.01]

Well who could have thought this type of circumstances in the span of just 2 years, a pandemic, a war, economic collapse of several nations and what's so ever. Well better little late than never

[@himalayasaura2058]

India is doing good that it should do for nabour countries. It's a visionary step leading india ahead. Help them who really need help. Great step India 👍🙏🙏.

[@vibhutisrivastava2789]

It's good to see that now we are taking daring steps I'm fully confident that we get success in it soon.

[@suratpongpipatpanich5627]

Build up your Indian economy till it gets stronger in reality first before internationalizing the rupee. It is still far away from that point.

[@NareshDhokia]

INDIA IS ALREADY, FITH OR SIXTH, LARGEST GLOBAL ECONOMY, GOING STRONGLY, IN THE RIGHT DIRECTION. 《■

[@truthhurts4732]

@@NareshDhokia That means nothing. My one pound can buy hundred of your weak rupees.

[@suratpongpipatpanich5627]

@@NareshDhokia Then, what about the massive poverty? Also on the right direction to alleviation?

[@kss2257]

@@suratpongpipatpanich5627 Massive? India has a Poverty rate of 6%, 6 is not massive but yeah India needs to impove in this aspect as we;ll

[@oomz1975]

@@suratpongpipatpanich5627 🇺🇸 has massive poverty too, all countries do. Everyone knows this already, try again.

[@RAJAT6555]

I hope they follow this up with serious efforts to make UPI a viable alternative to SWIFT. Also, improving the domestic infrastructure needs to be done on a war footing. If Indian companies like L&T can build world class infrastructure in other countries, there is no reason save corruption, why they can't do the same here. Also, expanding and refurbishing the railway network, as well as building a large network of inland waterways, will reduce India's dependence on imported crude oil.

[@a.r1832]

Gee Palki! Thanks for the lesson in Economics.

[@empirecyclops]

This is Good this will start to Protect Country Reserved and Reliance on Dollar domination...

[@m.sunilkumarhemanth.6393]

Great move initiated by RBI.

[@geo2world]

BRIC regional currency? Like the Euro, but for BRIC countries? Maybe that’s what is evolving here.

[@saifalik6226]

It's not bric it's brics

[@He-Is-One-and-Only]

It's a great step, INR value against dollar will be stabilised. Maybe one day 1:1

[@youtubeuser9938]

I really hope indias exports increase. Lessons to learn from countries suffering economically. And i really hope India will help its friendly allies 🇮🇳♥️

[@ankitjain220]

No its not too late, we were waiting for your video..:-)

[@syamkumarkaturi9761]

AMERICA WILL CANCEL HIGHER DENOMINATION DOLLARS TO CAPTURE BLACK MONEY

[@8havya]

Awesome

[@Venzo-Gaming]

Cut be great but with all the artificial methods and options to pump up the value of a currency can be a big problem but let's see how it will go 👍

[@pommygeezer9309]

$7 Billion to $50 Million?!! No wonder they set fire to his house!

[@vircentti]

Nice. India & Russia only one's makin boss moves. The dollars shit

[@oomz1975]

Everyone thinks they are gangster until the real gangster shows up.

[@moola9070]

So... doing what Russia is doing? This is needed.

[@rapidranjan]

Rupee also falling against dollar, and it is a more worrying factor as it will cause inflation to rise further. So it might help in stabilizing the Rupee.

[@krishnagopalroy9990]

Very very important information for all Indians Thank you

[@ibinfo-tube5063]

📣 Euro fall so hard today become ONE EURO=ONE US 💲 🥵

[@real_gaurav4140]

And you mom also fell for me along with that🤷

[@ibinfo-tube5063]

@@real_gaurav4140 Hey, It's nothing to do with your mom or sis it's all about euro and dollar also not about you, rotten rat or Goen khoor !

[@kurianify]

India should adopt a fiscal policy somewhat similar to that of Russia. All export payments should be enforced in Indian Rupees, and Indian Rupee should be pegged at Rs.4500 to a gram of gold. Down with the CIA agents masquerading in as media reporters.

[@lobsangphuntsok3205]

Thanks, make sense. Just wondering about a base of conversion.

[@sweta442]

I am glad to say india is doing Perfect Action..Thats should be helpful to everyone ..and Sorrounding Country Too as well

[@anshuverma7777]

👏👏well done Indian govt. This is how things need to be done proactively

[@someonejustsomeone1469]

This should've been done in 1992, not 2022.

[@akshaypradeep5079]

We just opened up the economy in 1991 or so. And it was illegal to take indian currency out of India untill very recently. It may have changed now I think.

[@syamkumarkaturi9761]

AMERICA WILL CANCEL HIGHER DENOMINATION DOLLARS TO CAPTURE BLACK MONEY

[@hanfucolorful9656]

1980: 1$ USD = 6.5 Chinese Yuan, 1$USD = 7 Indian Rupees 2022: 1$ USD = 6.5 Chinese Yuan, 1$USD = 79 Indian Rupees

[@ajay9429]

@@hanfucolorful9656 china artificially control yuan. It's a public knowledge..

[@akhileshpathak8105]

@@hanfucolorful9656 it's not going to change even if china were to go bankrupt.

[@kensalrisepromotion6429]

Good move India 🇮🇳 and Russia 🇷🇺

[@rajeevtaparia5616]

What a game play! What a timing ! Hats off!!

[@lupikonge]

Very innovative