Not quite like the old formula but works well.  Made in India.
First of all, somewhere it says this not made in India & mine is.  I think that is why it doesn't quite smell the same as the old version.  I've been using this for over 30 years as first recommended by my college yoga teacher - it has gotten through sore hiking feet & general young persons aches & pains.  Recently, I was diagnosed with Fibromyalgia & Osteoarthritis in my hands, knees & shoulders.  So, I ordered some white Tiger Balm (I have the red & love that as well).  This version isn't quite the same as the ones made in Malaysia, the smell is definitely different but it is still very helpful for my now old lady aches & pains.
Rating: 4 stars