India in Talks with Maldives to Resolve Dollar Remittance Limit Issue

The High Commission of India in Malé has expressed concern over the recent decision by SBI Maldives to reduce the outward remittance limit from USD 400 to USD 150, effective 25 October 2025.

In an advisory issued this week, the High Commission acknowledged the challenges faced by Indian nationals following the change, particularly those receiving salaries in Maldivian Rufiyaa (MVR). The State Bank of India (SBI), in its communication to account holders, cited temporary shortages of US dollars as the reason for the adjustment.

Recognising the seriousness of the issue, the High Commission stated that it has been actively engaging with the Government of Maldives, including the Ministry of Foreign Affairs, the Maldives Monetary Authority (MMA), and other relevant bodies to ameliorate remittance challenges and restore normalcy as early as possible. The matter has also been taken up directly with the State Bank of India.

According to the statement, several measures are being discussed to ease the situation, including the establishment of an INR–MVR exchange mechanism, the integration of India’s UPI digital payment platform in the Maldives, and the widening of RuPay card usage. These initiatives were part of the agreements signed during India’s Prime Minister’s visit to the Maldives in July 2025.

In the meantime, the High Commission has advised Indian expatriates to:

• Plan remittances carefully;

• Encourage employers to pay salaries in US dollars;

• Check with SBI Maldives for updates on remittance limits; and

• Stay informed through official announcements.

The Commission assured that it remains fully committed to supporting the Indian community in the Maldives.

“We fully understand the inconvenience this has caused to our diaspora and their families in India,” the statement read. “The High Commission appreciates the patience, understanding, and cooperation of the Indian community as efforts continue to resolve the matter.”

The mission reaffirmed its ongoing coordination with both Indian and Maldivian authorities to ensure smooth outward remittance processes and stable financial links for the thousands of Indian professionals and workers residing in the Maldives.

The High Commission of India in Malé has expressed concern over the recent decision by SBI Maldives to reduce the outward remittance limit from USD 400 to USD 150, effective 25 October 2025.

In an advisory issued this week, the High Commission acknowledged the challenges faced by Indian nationals following the change, particularly those receiving salaries in Maldivian Rufiyaa (MVR). The State Bank of India (SBI), in its communication to account holders, cited temporary shortages of US dollars as the reason for the adjustment.

Recognising the seriousness of the issue, the High Commission stated that it has been actively engaging with the Government of Maldives, including the Ministry of Foreign Affairs, the Maldives Monetary Authority (MMA), and other relevant bodies to ameliorate remittance challenges and restore normalcy as early as possible. The matter has also been taken up directly with the State Bank of India.

According to the statement, several measures are being discussed to ease the situation, including the establishment of an INR–MVR exchange mechanism, the integration of India’s UPI digital payment platform in the Maldives, and the widening of RuPay card usage. These initiatives were part of the agreements signed during India’s Prime Minister’s visit to the Maldives in July 2025.

In the meantime, the High Commission has advised Indian expatriates to:

• Plan remittances carefully;

• Encourage employers to pay salaries in US dollars;

• Check with SBI Maldives for updates on remittance limits; and

• Stay informed through official announcements.

The Commission assured that it remains fully committed to supporting the Indian community in the Maldives.

“We fully understand the inconvenience this has caused to our diaspora and their families in India,” the statement read. “The High Commission appreciates the patience, understanding, and cooperation of the Indian community as efforts continue to resolve the matter.”

The mission reaffirmed its ongoing coordination with both Indian and Maldivian authorities to ensure smooth outward remittance processes and stable financial links for the thousands of Indian professionals and workers residing in the Maldives.