BY EDWARD THEOPHILUS

When critically evaluate international critique on the operation of hard currencies of the world, many experts concern about different opinions to change the injustice that are incurring many of the countries. It needs dividing the international financial system into regions. Indian region should use Indian rupee as an international reserve currency and it will give justice to the high populated country. Asia is a large of the planet and the best option is maintaining two reserve currencies in the Asian region such as Indian rupee and Chinese Yuan.

Since the Briton-Wood agreement, which did not consider the predicament of developing countries and small countries in the South. The dilemma is that earning hard currencies for international trading purpose by developing countries has pushed their obscurities and stress the supportive opinion that the international finance operations should be divided into regions.

The current international environment suggests that Indian currency is the best reserve and payment option for the South Indian region with a hope that it should expand to Australia, New Zealand and the South Pacific small countries. Many people in Asia have no clear understanding about international reserve currency and payment system. It needs to give a broader understanding about the two subject areas, international reserve currency and payment media. Many people in the Indian and Oceania regions believe that if they earn domestic currency, it would be possible to engage in import and export activities, however, the hard currency rule in the modern system pushes them into obscurities.

The international financial system needs considering the difficulty of many countries and the dividing the entire system into seven regions is my opinion.

Applying of Indian rupee as international reserve currency and payment media for the Indian region would be an easy way to regional countries in the region and a reasonable justice to many countries. It would be an opportunity for India to support small countries in the Indian region and to attract a reasonable power to India at the international level.

Initially, eight countries are included to Indian region (India, Pakistan, Afghanistan, Bangladesh, Sri Lanka, Nepal, Bhutan, and Maldives). When the practice of the use of Indian rupee improves in the Indian region and, the islands in Ocean region should be combined with the Indian region. Twelve countries from Oceania region (Australia, New Zealand, Papua New Guinea, Vanuatu, New Caledonia, Fiji, Tuvalu, Samoa, Tonga, Wallis Island Futuna Islands, Tokelau and East Timor) should be combined with Indian region.

Similar way, a Chinese region should be created for other Asian countries.  

India should be organised a conference to attract papers from the experts in the region and to explain changes to people.  

This action is essential to give justice to people in Indian region.