BRICS currency

 

Russian President Vladimir Putin unveils BRICS prototype currency. Putin was seen holding a mock-up of the “BRICS bill,” featuring the flags of the five member nations – Brazil, Russia, India, China, and South Africa – interconnected in a circle.

One of the primary issues with the “BRICS Bill” lies in its inconsistent representation of member nations. For instance, the bill features Pashto text referring to the “Islamic Emirate of Afghanistan” (the Taliban regime), yet it bears the flag of the Islamic Republic of Afghanistan. Since the Taliban regime is not internationally recognised and has limited diplomatic acceptance, this inconsistency highlights the challenges of unifying such diverse nations under a single currency framework. Additionally, many BRICS members, including India and South Africa, are reluctant to formally engage with unrecognised governments, further complicating the bill’s acceptance.

Using the “BRICS Bill” for economic exchanges would introduce significant limitations for member states, many of which are not the most economically powerful. Forcing reliance on a shared currency would hinder BRICS countries’ ability to freely trade with non-member states. This limitation is exacerbated by the bloc’s ongoing efforts to reduce dependency on the US dollar while simultaneously maintaining global trade relations. According to the Johannesburg Declaration, BRICS nations are exploring mechanisms to increase trade in local currencies, but the creation of a shared currency remains a distant goal.

A major concern among BRICS nations is the potential destabilisation of national currencies. If a shared “BRICS Bill” were to be introduced, it could lead to inflation and depreciation of national currencies, especially for smaller economies like South Africa or Brazil. A potential decline in the value of national currencies would negatively impact economic stability, making the adoption of a shared currency an unattractive option.

Despite the challenges surrounding the “BRICS Bill,” discussions about creating a digital BRICS currency are gaining momentum. Brazilian President Luiz Inácio Lula da Silva has been a vocal advocate for a digital currency to facilitate trade among BRICS nations without replacing national currencies. However, even this idea faces significant hurdles, including the logistical complexities of implementing a digital currency across a diverse bloc of nations. It remains to be seen whether a digital BRICS currency will materialise, but discussions on the topic are still in the early stages.

Adopting a shared “BRICS Bill” could lead to negative consequences from Western countries, including the imposition of sanctions and higher tariffs. BRICS’ growing influence is already viewed as a challenge to Western financial dominance, particularly in light of the bloc’s ongoing expansion. Introducing a shared currency could escalate tensions and lead to economic retaliation from key global players like the US and the European Union. Such risks have led BRICS leaders to exercise caution when considering a shared financial instrument.

The BRICS Bill is more symbolic than practical, and adopting it as a currency would likely harm member states’ economies by destabilizing national currencies and reducing economic independence.

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 Renewable Energy in India Energy is a basic requirement for economic development. Every sector of the national economy – agriculture, industry, transport, commercial and domestic – needs inputs of energy. The economic development plans implemented since independence have necessarily required increasing amounts of energy. As a result, consumption of energy in all forms has been steadily rising all over the country. The growing consumption of energy has also resulted in the country becoming increasingly dependent on fossil fuels such as coal and oil and gas. Rising prices of oil and gas and potential shortages in future lead to concerns about the security of energy supply, which is needed to sustain our economic growth. Increased use of fossil fuels also causes environmental problems both on local and global scales. In this background, there is urgent need for the country to develop a sustainable path of energy development. Promotion of energy conservation and increased use of renewable energy sources are the twin planks of sustainable energy. The Ministry of Non-Conventional Energy Sources has been implementing comprehensive programmes for the development and utilisation of various renewable energy sources in the country. As a result of efforts made during the past quarter century, a number of technologies and devices have been developed and have become commercially available. As against the estimated 80000 MW renewable energy based grid connected power generation potential in the country, so far only about 6000 MW installed capacity has been realized, giving vast opportunity for exploitation of renewable energy sources for power generation. The renewable energy based power generation capacity presently constitutes 5% of the total installed capacity in the country for power generation from all sources. The country is aiming to achieve upto 10% of additional installed capacity to be set up till 2012 to come from renewable energy sources. Indian Renewable Energy Development Agency Ltd Indian Renewable Energy Development Agency Limited (IREDA) was established on 11th March, 1987 as a Public limited Government Company under the Companies Act, 1956 and it promotes, develops and extends financial assistance for Renewable Energy and Energy Efficiency/Conservation Projects. IREDA has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956 and registered as Non-Banking Financial Company (NFBC) with Reserve Bank of India (RBI). IREDA’s mission is “Be a pioneering, participant friendly and competitive institution for financing and promoting self-sustaining investment in energy generation from Renewable Sources, Energy Efficiency and Environmental Technologies for sustainable development.” IREDA’s Motto is “Energy for Ever.” The main objectives of IREDA are : To give financial support to specific projects and schemes for generating electricity and / or energy through new and renewable sources and conserving energy through energy efficiency. To maintain its position as a leading organization to provide efficient and effective financing in renewable energy and energy efficiency / conservation projects. To increase IREDA`s share in the renewable energy sector by way of innovative financing. Improvement in the efficiency of services provided to customers through continual improvement of systems, processes and resources. To strive to be competitive institution through customer satisfaction. QUALITY POLICY IREDA is committed to maintain its position as a leading organization to provide innovative financing in Renewable Energy & Energy Efficiency/Conservation and Environmental Technologies through efficient system & processes for providing total satisfaction and transparency to its customers. IREDA shall strive for continual improvement in the quality of services to its customers through effective quality management system. QUALITY OBJECTIVES i. Drive towards total customer satisfaction. ii. Continual upgradation of capability and improvement in the professional skills of employees. iii. Improvement in efficiency of services provided to customers. iv. Continual improvement of systems, process and services. All concerned shall implement the Quality Policy & Quality Objectives with full devotion & dedication to achieve IREDA’s Mission. More info at http://solarserdar.wordpress.com/ IREDA has many projects in RENEWABLE ENERGY BACKGROUND IREDA has launched the Renewable Energy-Energy Efficiency Umbrella Financing Scheme for those organisations who have good existing network to serve individual/retail customers who do not fulfil IREDA’s legal eligibility criteria and are scattered over large rural/semi-urban areas. OBJECTIVES 1. To supplement IREDA’s current lending operations by spreading the customers/user base through the development of an appropriate Micro financing Network. 2. To facilitate the Micro Lending capabilities of IREDA. ELIGIBILITY State Financial Corporations (SFCs), Industrial Development Corporations (IDCs), Technical Consultancy Organisations (TCOs), Non Banking Financing Companies (NBFCs), State Nodal Agencies (SNAs), Business Development Associates (BDAs) , Scheduled banks and Non-Governmental Organisations (NGOs) which are otherwise legally eligible to borrow from IREDA and fulfil the other eligibility norms detailed in Financing guidelines. LENDING TERMS AND CONDITIONS Line of credit : Minimum Rs. 25.00 lakhs and maximum Rs. 1 crore. PROCEDURE FOR APPLICATION The eligible applicant will submit an application in the prescribed format of IREDA along with business plan and other enclosures. Applications for a line of credit will be appraised based upon the criteria prescribed by IREDA. IREDA will review application and sanction the line of credit based on the qualification criteria: or reject the application, if not found suitable. CONCESSUIONS/REBATE/PROVISIONS 1. Front end Fee, Inspection charges, Legal charges (other than incurred for recovery), expenditure on Nominee Directors are not applicable to this scheme. 2. Please refer to IREDA’s Financing Guidelines for further details. DISBURSEMENT 1. IREDA will disburse 50% of the line of credit as Mobilisation advance after signing of Loan Agreement and creation of security. 2. Balance 50% will be disbursed after evidence of proper utilisation of Mobilisation Advance already released. ON-LENDING TERMS AND CONDITIONS To be decided by the Borrower SPECIAL CONDITIONS If the borrower conducts no business (submits no evidence of utilisation of mobilisation advance to IREDA) within a period of 12 months from the date of disbursement of mobilisation advance, then the line of credit sanctioned would automatically be cancelled. In that event, Mobilisation advance drawn from IREDA along with interest shall be refunded within 30 days of expiry of said one year.More info at http://solarserdar.blogspot.com/ Indian Renewable Energy Development Agency Limited (A Government of India Enterprise) Corporate Office 3rd Floor, August Kranti Bhawan, Bhikaiji Cama Place, New Delhi – 110 066. Tel: +91 11 26717400 - 26717413 Fax: +91 11 26717416 Email: cmd@ireda.in Registered Office India Habitat Centre, East Court Core-4A, 1st Floor, Lodhi Road New Delhi - 11 00 03 Debashish Majumdar Chairman and Managing Director Tel. (O:) +91 11 26717414 / 26717415 Extn. 113 Fax : +91 11 26717416 S. P. Reddi Director (Finance) Tel. (O:) +91 11 26717417 Fax : +91 11 26717418 Extn. 136 K. S. Popli Director (Technical) Tel. (O:) +91 11 26717419 Fax : +91 11 26717420 Extn. 130 Abdul Aziz Khatana Chief General Manager ( Technical Services) Tel. (O:) +91 11 26717421 Extn. 105 B. Venkateswara Rao General Manager (Technical Services) Tel. (O:) +91 11 26717422 Extn. 301 B. M. Chauhan General Manager (Technical Services) Tel. (O:) +91 11 26717424 Extn. 356 S. K. Bhargava General Manager (F & A) & Company Secretary Tel. (O:) +91 11 26717425 Extn. 115 Abhilakh Singh Deputy General Manager (TS) Tel. (O:) +91 11 26717428 Extn. 223 S. M. Bhajantri Assistant General Manager (HR) Tel. (O:) +91 11 26717435 Extn. 270 

  CROATIAN CENTER of  RENEWABLE ENERGY (CCRES) 

 Željko Serdar Head of business association solarserdar@gmail.com www.solar-serdar.com