Indian government begins work to address SBI dollar limit issue

The Indian High Commission in the Maldives announced last night that it is working with the Maldivian government to resolve the difficulties faced by Indian citizens working in the Maldives, which arose after the State Bank of India (SBI) in the Maldives reduced the limit on money transfers abroad due to a shortage of US dollars.

In a statement released by the High Commission, it was mentioned that due to the shortage of dollars, SBI had informed its customers that the remittance limit for sending money abroad has been reduced from USD 400 to USD 50.

The High Commission's statement noted that this reduction will cause significant difficulties for Indian citizens working in the Maldives who receive their salaries in Maldivian Rufiyaa (MVR).

Therefore, the High Commission stated that discussions have now begun with the Maldivian government and relevant Indian authorities to resolve this issue as soon as possible.

One area targeted by these discussions is finding a solution to the problem through the recently introduced services between the Maldives and India, namely the UPI service, RuPay card, and arrangements allowing accounts to be opened in Indian Rupees (INR) in the Maldives.

Furthermore, the High Commission appealed to Indian citizens residing in the Maldives to plan their remittances, request to be paid in US Dollars, and regularly seek and review updates shared by SBI and the Indian government regarding this matter until the issue is resolved.