That is not historically accurate, as several authors in India have pointed out. Let me see if I can find a citation:
http://books.google.com/books?id=DHvThPNp9yMC&pg=PA16...
(That's footnote 7 from page 16 of Mathematics in India by Kim Plofker, citing works by scholars in India who have dug into the primary sources.)
34 * 36 = 3*4 * 100 + 4*6 = 1224
57 * 53 = 5*6 * 100 + 7*3 = 3021
For multiplications like yx * zx as long as y + z = 10, we need to add x * 100, like this: 24 * 84 = 2*8 * 100 + 400 + 4*4 = 2016
46 * 66 = 4*6 * 100 + 600 + 6*6 = 3036Pa to Tokeru! India Suugaku Drill DS http://www.yesasia.com/global/pa-to-tokeru-india-suugaku-dri...
Indo Shiki Keisan Drill DS http://www.play-asia.com/paOS-13-71-9g-49-en-70-2fox.html
I think the latter might be the same as the Korean title, Indian Math Brain DS.
For those that don't want to import stuff that they probably can't read (though I find you can usually get by) there's also Make 10: a journey of numbers which is a weird maths based adventure game, kind of Brain Age meets WarioWare:
http://www.nintendo.co.uk/NOE/en_GB/games/nds/make_10_a_jour...
So:
When I heard about this trick it was referred to as vedic, hindu or indian math, but I don't know if that's actually historically/geographically accurate or not. There's some Japanese nintendo DS games that aim to train you in it, I think it was a bit of a craze over there.