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There is no proposal for a common BRICS currency “as of now”, Sudhakar Dalela, Secretary (Economic Relations), said on September 12, clarifying that discussions on using local currencies for bilateral trade are aimed at reducing transaction costs.

“Discussions on trade in local currencies have been underway for some time,” Dalela said, adding that India believes the mechanism can help reduce transaction costs in bilateral trade and complement the global payment system.

“There is no proposal in the BRICS for a BRICS currency as of now,” he said.

#WATCH | BRICS Summit 2026 | Delhi: Sudhakar Dalela, Secretary (Economic Relations), MEA says, "There is no proposal in the BRICS for a BRICS currency, as of now..."

He also says, "Discussion on trade settlement in local currency has been underway for some time in BRICS; it's… pic.twitter.com/B1VBVNyIdM

— ANI (@ANI) September 12, 2026

Dalela was speaking as BRICS leaders met in New Delhi for the 18th BRICS Summit. The New Delhi Declaration calls for continued efforts to facilitate trade and investment using local currencies and strengthen cross-border payment mechanisms among member countries.

The remarks distinguish between greater use of national currencies in bilateral trade and the creation of a common BRICS currency.

A common BRICS currency would involve creating a new monetary unit for the grouping. By contrast, linking central bank digital currencies (CBDCs) or fast-payment systems could allow countries to retain their national currencies, such as the rupee, yuan and rouble, while making cross-border transactions easier.

India Has Opposed Common BRICS Currency

New Delhi made its position on a common BRICS currency explicit on August 7.

Speaking to reporters after a two-day meeting of BRICS trade and industry ministers in Jaipur, Commerce and Industry Minister Piyush Goyal said India did not support the introduction of a BRICS currency, PTI reported.

“India is not in favour of a BRICS currency. We do not support the introduction of any such BRICS currency scheme; India opposes it,” Goyal said.

The statement came amid periodic discussions within BRICS about alternatives to the US dollar.

India had also distanced itself from the idea well before Goyal’s August remarks. On December 7, 2024, External Affairs Minister S Jaishankar said at an event in Doha that BRICS countries had no interest in weakening the US dollar, Reuters reported.

Jaishankar’s remarks came days after then US President-elect Donald Trump warned BRICS members of tariffs if they attempted to create a new currency or support another currency capable of replacing the dollar.

Trump Had Threatened 100% Tariffs

Trump first issued the warning in November 2024, weeks after winning the US presidential election, and repeated it after taking office.

In January 2025, Trump threatened to impose 100% tariffs on BRICS members if they created a common currency or backed another currency designed to replace the US dollar, Reuters reported.

“We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100% Tariffs,” Trump said on Truth Social.

“There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!” he added.

While India has sought greater international use of the rupee, New Delhi and the Reserve Bank of India have maintained that these efforts are not aimed at de-dollarisation.