IF i had to do my recency, after clearing the exams, do i have to fly with another instructor to do the recency as it would make no sense to that if i am already an instructor myself?
There is no question of sense. Even a Airbus 380 Examiner has to fly with another examiner to prove his skills.
How do we put those hours based on MORE than what is required in the requirement of Indian CPL Multi Engine IR License?
If you do not have the experience, then you'd probably have to fly to get it.
Go through the Schedule 2, Section J and Section O. They have all the requirements written down for you.
SECTION A GENERAL
Do let us know your decision.
All the Best.