On Friday Commerce Secretary Sunil Barthwal announced their ambitions during the unveiling of the Foreign Trade Policy (FTP) 2023, a scheme the seeks to increase India’s exports by $2 trillion by 2030, as the government tries to strengthen their rupee payment system.
Indian outlet NDTV explains that alterations have been within the FTP to make the rupee an international currency.
Furthermore, ‘the FTP has also introduced an amnesty scheme for one-time settlement of default in export obligation by Advance Authorisation and EPCG authorisation holders,’ the outlet added.
Just prior to this announcement 18 other countries have already agreed to trade in the rupee, which, as Time News Now puts it, is India turning this move by the world to “de-dollarize the international market” as “an opportunity” to make a splash with theirs.
These 18 countries, according to Zee News, are:
- United Kingdom
- Malaysia
- Russia
- Singapore
- New Zealand
- Sri Lanka
- Myanmar
- Botswana
- Israel
- Fiji
- Oman
- Germany
- Kenya
- Guyana
- Mauritius
- Seychelles
- Tanzania
- Uganda
These nations will be allowed to open accounts with a Special Rupee Vostro Account (SRVA) with Indian banks, a system that was created last year to facilitate cross-border commercial transactions. ‘The decision has been made to implement a new system for exports and imports that will allow for INR invoicing, payment, and settlement,’ Zee News adds.
These authorizations will be handled by the Reserve Bank of India (RBI) – which has already opened accounts with Russia’s top three banks: Sberbank, VTB Bank, and Gazprombank.
As explained by Zee News:
Authorized banks in India must open and maintain SRVAs of the banks in the partner trading country in order to settle trade using the new procedure. The foreign entity’s holding in the Indian bank is kept in INR through these accounts. Amounts paid in rupees by an Indian importer to a foreign trader are credited to this vostro account.
Similar to this, money from this vostro account will be taken out and credited to the regular account of an Indian exporter when they are required to pay for products and services in rupees.
Holders of SRVAs are permitted to invest their excess funds in Indian government securities. The RBI is offering this opportunity to help spread awareness about the new system.
The Indian publication wrote
Moreover, Times Now News further details how this will move will benefit India’s economy and investors:
These countries will use this money to invest in India companies and buy goods and services from India. It will reduce the trade related transaction costs and boost trade. India is among the most important trading partner to many countries using Rupee as a settlement and invoicing currency, it will reduce exchange rate risks faced by these traders in international market.
It will also reduce India’s trade deficit. India’s merchandise trade deficit which is export minus import, was $233 bn in April 2022 to January 2023. With this, India will be able to export more as more countries are willing to trade in Rupee.
It will boost trade with South-Asian countries such as Nepal and Bhutan. On top of that, it will promote the development of financial markets. The BRICS countries have already tried to de-Dollarize the international market following the sanctions imposed on Russia by west world. That gave China the opportunity to emerge as a potential alternative to the US.
Wherefore it is evident that this move poses yet another threat to the almighty dollar, as Zee News poses the question, “Rupee To Replace Dollar?”
In 2021 The WinePress reported that India, like most other nations, were having some serious financial issues that were exacerbated by the Covid-related restrictions and lockdowns the nation imposed upon itself. Ultimately the country’s GDP fell as did consumer spending, as the wealth-gap grew of extreme-haves and extreme-have-nots.
However, since the onset of the Russia-Ukraine war and the United States’ and NATO nation’s list of restrictions and penalties, India like many other nations have essentially been forced to choose sides, and India, like a growing number of other countries, have chosen to align with the East.
India has grown increasingly friendlier with Russia since 2022. Because of the oil and natural gas restrictions placed on Russia by the West, Russia turned to countries like India and give them serious discounts on their crude. India has been able to increase their stockpiles and then resell said oil at much higher prices. The United States – whose Senate voted 100-0 to permanently end all trade with Russia and buy their oil, are now buying India’s oil at higher rates than they were before – oil which contains elements of the original Russian crude in it.
As noted before, India’s move to push their rupee from international trade is following the global trend to dump the U.S. dollar. The WinePress has noted that a growing number of nations in recent months are taking great efforts to de-dollarize their economies. Russia has of course been doing this for many years before the Russia-Ukraine conflict, but now more nations are joining them, such as the likes of Saudi Arabia, Iran, China, Brazil, Kenya, and many more; as more nations look to align themselves with the BRICS nations.
At the same time there is great speculation that the Chinese yuan could be the replacement for the petrodollar as the world reserve currency, as more nations are becoming open to trading in it, though India’s move could also become a new viable option for some.
AUTHOR COMMENTARY
The evidence is clear that the world is rapidly looking to move away from the dollar. They are all sick of the United States’ dominance, and with the currency becoming even more worthless by the day, countries are looking for an exit.
As I have said before, I do not know if the petroyuan will be the replacement, or the ruble, or even now the rupee; but I can say, sadly, that the U.S. will soon lose its reserve currency status. And because of that, America’s fall will be MASSIVE.
[10] The name of the LORD is a strong tower: the righteous runneth into it, and is safe. [11] The rich man’s wealth is his strong city, and as an high wall in his own conceit. [12] Before destruction the heart of man is haughty, and before honour is humility. Proverbs 18:10-12
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
Abra-cadabra & hokus pokus, and same entity behind the confessional curtain & screen. Surprise, surprise. Are any of you familiar with the story of Indian pastor Pudiate? Son of headhunter tribe chief, came to US in the ’50’s and made his own translation of the King James Bible in his peoples’ language when his father saw the apostasy of Christian missionaries & realized his people needed the word of God not to be taken advantage of. This Jesuit communist thing has old roots & finds lots of common ground with the Hindu devil gods & Buddhist mangods & all those serving the serpent-dragon spirit & them….and earlier w/ Christian missionaries going East. The apostle Thomas said to have died in West India. Others following the Silk Road, the word taken but churches overwhelmed with pagan corruptions & sensuality, wealth & ease til hardly a trace remains. I believe it’s why the Lord turned Paul from Asia & toward the west & territories of Japheth.
–
They are the deceiving and being deceived, evil men and seducers waxing worse & worse…& all these things foretold. Ezekiel 38. Neither fascist nor communist arms of the beast system is the friend of the sojourning pilgrim saint…and their spirit is constantly seeking to draw & corrupt. All my life I’ve watched the infiltration & creep & transformation until now they throw off the cloak & say the hidden part out loud again: ‘true believers must be eliminated’. As Brother Bryan exposed & we’ve seen increasingly post- 9-11.
–
It is very likely that when they think they’ve achieved that, they’re saying ‘finally, peace & safety’, even hands still dripping in blood….the fascist/communist way…that 1 Thessalonians 5, & Rev 6 onwards unfold.