Apr 01: Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies. This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and supporting the interests of the global trading community in the Indian Rupee (INR).
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 India i.e. Union Bank of India.
Please check the FAQ available on IIBM’s website (www.Indiainternationalbank.com.my) for more details about India-Malaysia trade settlement in Indian Rupee (INR).
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