Brazil, Russia, India, China and South Africa – the BRICS group of countries have called for a revamp in the global monetary system and signed a pact to use their own currencies in issuing credit or grants to each other. The path-breaking agreement was signed at the 3rd BRICS summit at Sanya attended by Prime Minister Dr. Manmohan Singh and Presidents Hu Jintao of China, Dilma Rousseff of Brazil, Dmitry Medvedev of Russia and Jacob Zuma of South Africa. BRICS nations also pledged their support for India’s quest for permanent membership to the UN Security Council.