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April 2023

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3 Minutes


Asad Ahmed

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Money this Month

From the dirges in Ukraine to the extra cost of now having a UPI account. From the tabled resolutions to the fodder for recession talks. One place to know about them all for it is your "Money This Month", that matters. Here's the first in the line of indefinite editions and intellectually stimulating ramblings about the financial world , explained in the most efficient and succinct jargon.

Being published by the Research Department of Finance and Investment Cell at Aryabhatta College, "𝐌𝐨𝐧𝐞𝐲 𝐓𝐡𝐢𝐬 𝐌𝐨𝐧𝐭𝐡", a monthly newsletter that aims to encapsulate the latest developments in the field of money, economics, finance, and geopolitics. Extensive efforts have been put in to compile the most relevant and insightful information from various sources to provide you with a comprehensive overview of the financial world.


  • Unified Payment Interface(UPI)

  • Shanghai Cooperation Organisaton(SCO)

  • US Fed interest rate hikes

  • Carbon border adjustment mechanism

  • Instance

  • Comprehensive and progressive agreement for trans pacific partnership (CPTPP)

  • BRICS working on new global currency

  • Banking crisis

  • Sudan Clashes 2023

  • NATO's offer to India

  • Finland's NATO membership

So, how was the money this month?

Unified Payment Interface(UPI)

The national payment corporation of India(NPCI) introduced 1.1% (highest) fees on merchant UPI transactions above 2000 rupees from 1st April 2023.There are no changes to Bank account-Bank account transactions (Normal UPI payments). The interchange fees is only applicable on merchant to merchant transactions.The rates may vary according to merchant codes at range of 0.5-1.1%.

Shanghai Cooperation Organisaton(SCO)

Saudi Arabia has approved to join the SCO as a dialogue partner. It was formed in 2001 by Russia, China and some central asian nations which later expanded to India and Pakistan.Iran also signed documents for full membership in 2022.The crux of this organisation is to counterweight Western influence in the markets of their respective countries.

US Fed interest rate hikes

The federal reserve of United States has raised fund rates by 25bps pushing borrowing costs to a new high since 2007.By doing this the fed expects a cut in consumption and investment in their economy which will help ease inflation in their markets.

Carbon border adjustment mechanism

Recently, Developed countries have to put special taxes on good imported to their countries on which carbon emission occurred.This move received a backlash from developing nations like india.


India exports metal to United kingdom.The metal manufavturing process produces carbon emmissions. So the UK may put CBAM taxes to stop Indian export of metal to their country.Which may affect Indias balance of payments.

Comprehensive and progressive agreement for trans pacific partnership (CPTPP)

United kingdom has now become the 12th member of CPTPP. It was formed in Santiago ,Chile in 2018. It is a trading bloc of 500 million consumers and 13.5% of global GDP, ensures protection of climate and labour laws.

BRICS working on new global currency

BRICS nations an alliance of Russia, China, Brazil, South Africa and India have agreed to form a new global currency to counterweight the dominance US dollar because of the way the United States abuses its power to instantly put sanctions on its unfriendly nations. This may reverse the Bretton Woods agreement signed in 1944 which marked the dominance of the US dollar and started de-dollarisation.

Banking crisis

Banking sector in the US is taking a hit due to many factors such as Russia-Ukraine war, Covid pandemic. These have increased inflation in the US and also increased the price of oil and gas which has created a chain reaction in the US economy leading to a vicious cycle of banking failures.The silicon valley bank crash may also affect startups in India as the startups kept their deposits in silicon valley bank.

Sudan Clashes 2023

Recently Sudans paramilitary force and Sudans military have gone toe-to-toe against each other.They have started a power struggle against each other for control of the country's capital.There is open fighting on the streets of Khartoum. It is said that this has happened due to leasing of a strategic Sudanese port to the Russian military.This may delay the construction project of the port for the Russian military.If the construction is succesful Russia will have greater influence in the region.

NATO's offer to India

Recently US NATO ambassador Julluance Smith stated that 'NATO's doors are open for India' this is a direct offer for India to join the most powerful military alliance in the world. The big question is should India join or not? The answer is very twisted and is not Black and White but rather a bit grey.If India joins NATO then India will be protected from its biggest threat China. But if India joins NATO then India may face backlash from its friendly countries in eastern Europe such as Russia and Serbia. We may also lose our trade route deal with Russia which gives us access to vladivostok.A port city of Russia. This may Hinder our economic growth for the future.

Finland's NATO membership

Turkey parliament has recently approved Finaland to join NATO. It was the last hurdle for the Nordic country to join NATO.Russia nay not take this news well. As it recently warned the Nordic country for joining NATO. In the future we may see more countries joining NATO due Russian invasion of Ukraine. It seems Russia's strategy has completely failed other countries have done quiet the opposite of what Russian president Vladimir Putin expected.Russia may get further isolated in the future geographically due NATO expansion and economically due to sanction by the west.

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