India and Malaysia may now settle trade using the Indian Rupee in addition to other currencies, according to a statement from the Ministry of Foreign Affairs (MEA) on Saturday April 1 ,2023.
In order to permit trade settlement in Indian currency, the Reserve Bank of India took this action in July of last year. The RBI's mission is to serve the interests of the international trading community in the Indian rupee and encourage trade growth. The announcement came with ongoing government initiatives to protect Indian trade from the effects of the Ukrainian conflict.
"Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlemeny in other currencies." - The MEA
"This follows the decision by the Reserve Bank of India in July 2022 to allow settlement of international trade in Indian Rupee." - The Statement
"India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has operationalised this mechanism by opening a special Rupee Vostro account through its corresponding bank in Inda that is Union Bank of India."
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