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Trade in Indian Rupee: Due to the increasing influence of India on the global stage, trade with many countries is now possible in Indian currency. Along with the rest of the currencies between India and Malaysia, business will now be possible in Indian currency ie Rupee. In a statement released on Saturday, the Ministry of External Affairs informed that last year itself, the Reserve Bank of India had given permission to use the rupee for international business. After this, an agreement has been made between the two countries regarding this. The MEA told that like the rest of the currency, now the Indian rupee will also be used for trade between the two countries.
Vostro account is used
It is worth noting that Vostro account will be required to do business with Malaysia through Indian Rupee. Giving information about this, the Ministry of External Affairs said that the India International Bank of Malaysia (IIBM), located in Kuala Lumpur, Malaysia, along with its Indian associate bank Union Bank of India (UBI), has decided to open a Special Rupee Vostro Account. Providing convenience. Only through this account, business between Malaysia and India will be possible in rupees. Through this account, payment in rupees will be possible for business.
Rupee turnover increased internationally
After the Russia-Ukraine war, many western countries including America had imposed various economic sanctions on Russia. After this, India started promoting rupee for trade. For this, in July 2022, the Reserve Bank gave permission to use the rupee internationally. India has taken this step to reduce the dependence of India and the world on dollar. This will also reduce the burden of foreign exchange reserves on the country and will also help in making global trade easier.
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