India, Aug. 20 -- First the news. Recently, the Reserve Bank of India (RBI) issued new rules that allow exporters and importers, both domestic and global, to open Indian bank accounts without approvals. They need to follow the KYC norms. Quite naturally, the transactions in these bank accounts will be in Indian Rupees. The move is primarily targeted at the traders in BRICS nations, and those in India who deal with them.

India wishes to wean away from the dollar, and encourage traders in BRICS to shift to rupee. If successful, it is one of the surest ways to pre-empt the predatory moves of the US President Donald Trump to shackle and cripple the Indian economy. The plan is to avoid dollar-based payments.

The membership of BRICS has doubl...