Amid growing chatter over the possibility of BRICS countries launching a common currency, India on Saturday &nbsp;(Sept 12) made it clear that no such proposal is currently under consideration by the grouping.&nbsp;Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, said BRICS members are instead continuing discussions on settling bilateral trade in local currencies to lower transaction costs.&nbsp;“There is no proposal in the BRICS for a BRICS currency, as of now,” Dalela said while briefing the media after the 18th BRICS Summit in New Delhi.&nbsp;His remarks came as BRICS countries continued efforts to strengthen cross-border payment mechanisms and make trade between member nations more efficient. While the grouping is exploring greater use of local currencies for trade settlements, the discussions do not currently involve creating a single BRICS currency.<h2>BRICS focuses on local currency trade settlements</h2>Dalela said discussions on settling trade in local currencies have been taking place within BRICS for some time and are not a new initiative.&nbsp;“Discussion on trade settlement in local currency has been underway for some time in BRICS; it's not a new subject,” he said.&nbsp;He described local currency settlement as a practical option for bilateral trade that could help reduce transaction costs. However, he stressed that the mechanism is not intended to replace the existing global payment and settlement framework.&nbsp;“We believe local currency settlement is a practical mechanism to reduce transaction cost in bilateral trade. This has been encouraged as complementary to global payment and settlement system, improving overall global trade across nations,” Dalela said.&nbsp;The New Delhi Declaration backed continued work on trade settlements and investments using BRICS local currencies, while recognising national priorities and the absence of a one-size-fits-all approach. It also said the BRICS Payment Task Force is examining the interoperability of cross-border payment and messaging channels and encouraged it to develop solutions that are “fast, low-cost, more accessible, efficient, transparent, and safe.”&nbsp;Also Read: <a href="https://www.wionews.com/india-news/differences-should-not-become-disputes-modi-xi-stress-long-term-india-china-ties-during-bilateral-talks-1789223230359">‘Differences should not become disputes’: Modi, Xi stress long term India-China ties during bilateral talks</a>&nbsp;Beyond payments, the declaration outlined several other economic initiatives, including the New Investment Platform, the Multilateral Guarantees initiative, a proposed Insurance Resilience Centre and a Risk Lab at GIFT City. It also referred to amendments to the CRA treaty, greater tax and customs cooperation, and measures to strengthen financing for MSMEs, including the Jaipur Consensus on invoice discounting.&nbsp;The grouping also highlighted cooperation in Special Economic Zones and global value chains, while noting the expanding role of the New Development Bank in supporting BRICS countries.

India has ruled out any current proposal for a common BRICS currency, while saying the grouping is focused on using local currencies for bilateral trade and improving cross-border payment systems.

Amid growing chatter over the possibility of BRICS countries launching a common currency, India on Saturday (Sept 12) made it clear that no such proposal is currently under consideration by the grouping. Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, said BRICS members are instead continuing discussions on settling bilateral trade in local currencies to lower transaction costs. “There is no proposal in the BRICS for a BRICS currency, as of now,” Dalela said while briefing the media after the 18th BRICS Summit in New Delhi. His remarks came as BRICS countries continued efforts to strengthen cross-border payment mechanisms and make trade between member nations more efficient. While the grouping is exploring greater use of local currencies for trade settlements, the discussions do not currently involve creating a single BRICS currency. BRICS focuses on local currency trade settlements Dalela said discussions on settling trade in local currencies have been taking place within BRICS for some time and are not a new initiative. “Discussion on trade settlement in local currency has been underway for some time in BRICS; it's not a new subject,” he said. He described local currency settlement as a practical option for bilateral trade that could help reduce transaction costs. However, he stressed that the mechanism is not intended to replace the existing global payment and settlement framework. “We believe local currency settlement is a practical mechanism to reduce transaction cost in bilateral trade. This has been encouraged as complementary to global payment and settlement system, improving overall global trade across nations,” Dalela said. The New Delhi Declaration backed continued work on trade settlements and investments using BRICS local currencies, while recognising national priorities and the absence of a one-size-fits-all approach. It also said the BRICS Payment Task Force is examining the interoperability of cross-border payment and messaging channels and encouraged it to develop solutions that are “fast, low-cost, more accessible, efficient, transparent, and safe.” Also Read: ‘Differences should not become disputes’: Modi, Xi stress long term India-China ties during bilateral talks Beyond payments, the declaration outlined several other economic initiatives, including the New Investment Platform, the Multilateral Guarantees initiative, a proposed Insurance Resilience Centre and a Risk Lab at GIFT City. It also referred to amendments to the CRA treaty, greater tax and customs cooperation, and measures to strengthen financing for MSMEs, including the Jaipur Consensus on invoice discounting. The grouping also highlighted cooperation in Special Economic Zones and global value chains, while noting the expanding role of the New Development Bank in supporting BRICS countries.

India has ruled out any current proposal for a common BRICS currency, while saying the grouping is focused on using local currencies for bilateral trade and improving cross-border payment systems.

Common BRICS currency not on cards ‘as of now’: MEA backs local currency settlement

Indian Prime Minister Narendra Modi is hosting an extravagant gala dinner for world leaders attending the 18th BRICS Summit at Bharat Mandapam in New Delhi on Saturday (Sep 12). The dinner puts India’s rich culinary diversity in the spotlight, with a menu bringing together regional flavours, traditional recipes and modern presentation.From the Himalayas to southern India, and from Gujarati delicacies to the iconic sweets of Old Delhi, the menu takes guests on a culinary journey across the country. It brings together the richness of Indian cuisine with age-old traditions, offering world leaders a taste of India beyond the summit halls.<h2>What’s in the BRICS menu?</h2>Starters<ul><li>Khandvi Mille - Feuille: Steamed gram-flour roll, tempered with mustard, coconut and curry leaves. Served with Kesar mango, micro-greens and yoghurt dressing</li><li>Khumb Galouti: Tender pan-grilled mushroom kebabs with mint pearls, served on a bed of sheermal bread</li></ul>Main Course<ul><li>Paneer Lababdar: Soft cottage cheese cubes simmered in a rich gravy of shallots and tomato</li><li>Gucchi Marmik: Himalayan morel mushrooms and tender asparagus, gently simmered with saffron, raisins, and mamra almonds</li><li>Carrot Bean Poriyal: Blend of carrots and green beans toasted in aromatic South Indian spices in hand-pressed virgin coconut oil and finished with freshly grated coconut</li><li>Thakkali Belle Saaru: Light lentil broth of toor dal enriched with fresh tomatoes and curry leaves Millet Pulao: Fragrant basmati rice and pearl millets cooked with spices and seasonal aromatics</li><li>Beetroot Raita: Chilled yoghurt with beetroot and fresh herbs</li></ul>(Assorted Indian Breads)Dessert<ul><li>Old Delhi Fruit Cream with Jalebi: Seasonal fruits and lightly whipped cream paired with a crispy sweet fritter</li><li>Shahtoot Phirni: Slow-cooked pudding of milk and rice, topped with sweet mulberries and gold leaf</li></ul>

<blockquote class="twitter-tweet">BRICS Summit 2026: Menu of the gala dinner hosted by Prime Minister Narendra Modi at Bharat Mandapam <a href="https://x.com/hashtag/BRICS2026?src=hash&amp;ref_src=twsrc%5Etfw">#BRICS2026</a> <a href="https://x.com/hashtag/GalaDinner?src=hash&amp;ref_src=twsrc%5Etfw">#GalaDinner</a> <a href="https://x.com/hashtag/BRICSleaders?src=hash&amp;ref_src=twsrc%5Etfw">#BRICSleaders</a> <a href="https://x.com/hashtag/GlobalLeaders?src=hash&amp;ref_src=twsrc%5Etfw">#GlobalLeaders</a> <a href="https://x.com/hashtag/BharatMandapam?src=hash&amp;ref_src=twsrc%5Etfw">#BharatMandapam</a> <a href="https://x.com/hashtag/WIONAtBRICS?src=hash&amp;ref_src=twsrc%5Etfw">#WIONAtBRICS</a> <a href="https://t.co/rbL8zDUVMg">pic.twitter.com/rbL8zDUVMg</a>&mdash; WION (@WIONews) <a href="https://x.com/WIONews/status/2098796854335230000?ref_src=twsrc%5Etfw">September 12, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet"><a href="https://x.com/hashtag/WIONAtBRICS?src=hash&amp;ref_src=twsrc%5Etfw">#WIONAtBRICS</a> | New Delhi: Prime Minister Narendra Modi, Russian President Vladimir Putin and other world leaders at Bharat Mandapam . . (Video: ANI) <a href="https://t.co/akykdja2xU">pic.twitter.com/akykdja2xU</a>&mdash; WION (@WIONews) <a href="https://x.com/WIONews/status/2098797010140962895?ref_src=twsrc%5Etfw">September 12, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

At the BRICS Summit 2026, PM Modi’s gala dinner menu takes world leaders on a culinary journey across India, blending regional flavours, traditional recipes and modern presentation.

Indian Prime Minister Narendra Modi is hosting an extravagant gala dinner for world leaders attending the 18th BRICS Summit at Bharat Mandapam in New Delhi on Saturday (Sep 12). The dinner puts India’s rich culinary diversity in the spotlight, with a menu bringing together regional flavours, traditional recipes and modern presentation. From the Himalayas to southern India, and from Gujarati delicacies to the iconic sweets of Old Delhi, the menu takes guests on a culinary journey across the country. It brings together the richness of Indian cuisine with age-old traditions, offering world leaders a taste of India beyond the summit halls. What’s in the BRICS menu? Starters Khandvi Mille - Feuille: Steamed gram-flour roll, tempered with mustard, coconut and curry leaves. Served with Kesar mango, micro-greens and yoghurt dressing Khumb Galouti: Tender pan-grilled mushroom kebabs with mint pearls, served on a bed of sheermal bread Main Course Paneer Lababdar: Soft cottage cheese cubes simmered in a rich gravy of shallots and tomato Gucchi Marmik: Himalayan morel mushrooms and tender asparagus, gently simmered with saffron, raisins, and mamra almonds Carrot Bean Poriyal: Blend of carrots and green beans toasted in aromatic South Indian spices in hand-pressed virgin coconut oil and finished with freshly grated coconut Thakkali Belle Saaru: Light lentil broth of toor dal enriched with fresh tomatoes and curry leaves Millet Pulao: Fragrant basmati rice and pearl millets cooked with spices and seasonal aromatics Beetroot Raita: Chilled yoghurt with beetroot and fresh herbs (Assorted Indian Breads) Dessert Old Delhi Fruit Cream with Jalebi: Seasonal fruits and lightly whipped cream paired with a crispy sweet fritter Shahtoot Phirni: Slow-cooked pudding of milk and rice, topped with sweet mulberries and gold leaf

At the BRICS Summit 2026, PM Modi’s gala dinner menu takes world leaders on a culinary journey across India, blending regional flavours, traditional recipes and modern presentation.

What’s in the menu for BRICS Summit gala dinner hosted by PM Modi? Details here

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Common BRICS currency not on cards ‘as of now’: MEA backs local currency settlement

What’s in the menu for BRICS Summit gala dinner hosted by PM Modi? Details here