

NEW DELHI:
India and Malaysia can now use the Indian rupee to settle trade in addition to other currencies, the Ministry of External Affairs (MEA) said on Saturday.
The move follows the decision by the Reserve Bank of India in July last year to allow the settlement of international trade in Indian currency.
“Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies,” the MEA said.
“This follows the decision by the Reserve Bank of India in July 2022 to allow settlement of international trade in Indian Rupee,” it said in a statement.
The MEA said the RBI’s initiative is aimed at facilitating the growth of trade and supporting the interests of the global trading community in the Indian rupee.
“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 that is Union Bank of India,” it said.
Vostro accounts are used to make payments in domestic currency.

more recommended stories
India International Industrial Expo to be Held in Kochi from January 16THIRUVANANTHAPURAM:The second edition of the India.
India Needs to Strengthen its AI Ecosystem: KSUM CEO Anoop AmbikaTHIRUVANANTHAPURAM:India should be focusing more on.
Full Exemption from Income Tax KSUM Startup FuselageKOCHI:KSUM-incubating deep-tech company Fuselage Innovations has.
Coal India Ltd., Singareni Collieries Company Limited (SCCL) and Heartfulness Enter a Landmark MoUHYDERABAD:Coal India Ltd., The Singareni Collieries.
Preethi Zodiac Mixer Grinder Puts India on the World MapKOCHI:In a bold and extraordinary display.
Software Development Company Analystor Technologies Opens New Office in TechnoparkTHIRUVANANTHAPURAM:Software Development company Analystor Technologies opened.
Invest Kerala Global Summit: 86 Projects Worth Rs 31,429.15cr Have Begun, says Minister RajeeveTHIRUVANANTHAPURAM:As many as 86 projects, with.
Angel Pre-Seed Funding: Rs 42.77 lakh for KSUM Startup Othor AIKOCHI:Innovative vertical AI startup Othor AI.
DP World Cochin Achieves Record Throughput Surpassing 81,000 TEUS in June 2025KOCHI:The DP World operated International Container.
Godrej Enterprises Group Powers India’s EV GrowthMUMBAI:As India’s electric vehicle (EV) sector.