Schools raise concerns to Education Ministry over SBI dollar limit

Schools in the Maldives have begun submitting complaints to the Education Ministry following a significant reduction in the limit for dollar remittances to India through the State Bank of India (SBI) branch in the country.

Previously, employees could send up to USD 700 to India via SBI. This limit was gradually reduced to USD 500, then USD 400, and most recently to USD 150 due to difficulties in obtaining dollars, prompting concern among foreign teachers working in Maldivian schools.

Several Indian teachers have reportedly written to their schools expressing frustration over the restriction, with schools relaying these concerns to the Education Ministry.

The Indian High Commission in Maldives in a statement last week said that the reduction could create serious financial difficulties for Indian workers paid in Maldivian rufiyaa.

In response, the High Commission has initiated discussions with both the Maldivian government and relevant Indian authorities to find a solution.

Options under consideration include facilitating remittances through the recently introduced UPI service, RuPay cards, and the possibility of opening accounts in Indian rupees in the Maldives, the High Commission said.

Until a solution is reached, the High Commission has advised Indians in the Maldives to plan remittances carefully, request salaries in dollars where possible, and monitor official updates from SBI and the Government of India.

According to the Ministry of Education, there are around 2,000 foreign teachers in the Maldives, the majority of whom are Indian nationals.