What happened: Parliamentary Standing Committee seeks clarity on de-dollarisation at the 18th BRICS Summit

Members of the Parliamentary Standing Committee on External Affairs, chaired by senior Congress leader Shashi Tharoor, questioned the government on whether India plans to push a de-dollarisation agenda at the upcoming 18th BRICS Summit in New Delhi.

The committee’s questions were framed against Reserve Bank of India advocacy for linking BRICS nations’ official digital currencies to support cross-border trade and tourism payments. The Reserve Bank of India links this idea to reducing dependence on the U.S. dollar amid geopolitical tensions.

Committee members also asked why India is not pursuing stronger “financial sovereignty” (greater control over payments and related financial decisions), including approaches to bypass U.S. sanctions. The committee further asked whether India, as the host, would support a BRICS-led de-dollarisation agenda.

Background and earlier position: RBI-linked official digital currency proposals and a Russia-linked local-currency attempt

Reserve Bank of India advocacy for linking BRICS nations’ official digital currencies focuses on cross-border payment facilitation for trade and tourism. De-dollarisation is positioned as a way to lower U.S. dollar dependence through alternative cross-border payment arrangements.

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