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RBI’s initiative is aimed at facilitating the growth of trade and supporting the interests of the global trading community in the Indian rupee.The move follows the decision by the Reserve Bank of India in July 2022 to allow settlement of international trade in Indian currency.

The 18 countries are: Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Botswana,Sri Lanka, Tanzania, Uganda, and the United Kingdom.Malaysia was one of the eighteen countries. I n March 2023, banks from eighteen countries were allowed by the Reserve Bank of India (RBI) to open Special Rupee Vostro Accounts (SRVAs) to settle payments in Indian rupees.The Union Bank of India in a statement said that it has become the first bank in India to operationalise this option by opening a Special Rupee Vostro Account through its “corresponding bank” in Malaysia - India International Bank of Malaysia.Vostro accounts are used to make payments in domestic currency.India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has o perationalised this mechanism by opening a special Rupee Vostro account through its corresponding bank in India that is Union Bank of India.Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies,.

In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs (CBIC) No.49/2018-CUSTOMS (N.T.), dated 7 th June, 2018 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs (CBIC) hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 22 nd June, 2018, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said Section, relating to Imported and Export Goods.In news – Recently, India and Malaysia have agreed to settle trade-related payments in Indian rupees.