The Ministry of External Affairs addressed Unstarred Question No. 959 on December 5, 2025, regarding a USD 150 remittance cap imposed in the Maldives, reportedly by the State Bank of India (SBI). The Minister of State in the Ministry of External Affairs (Shri Kirti Vardhan Singh) acknowledged that the Maldives Monetary Authority allocates a limited amount of US Dollars per month to banks in the Maldives to facilitate remittances abroad, impacting banks' ability to facilitate remittances beyond a certain limit for foreign nationals. Indian nationals earning salaries in Maldivian Rufiyaa (MVR) raised concerns. The matter was addressed with the Government of Maldives and the Maldives Monetary Authority. As a result, in November 2025, the Maldives Monetary Authority increased Dollar allocations to SBI Male and raised the remittance ceiling to USD 300 for those employed in the education and health sectors.
Key Entities Referenced
Maldives Monetary Authority: Authority that allocates a limited amount of US Dollars per month to banks in Maldives to facilitate remittances abroad and has increased Dollar allocations to SBI Male.
Ministry of External Affairs: The Indian ministry responsible for addressing the remittance cap issue in Maldives.
State Bank of India (SBI): Indian bank that operates in Maldives and is affected by the USD remittance cap.
Maldives: Country imposing a USD 150 cap on monthly remittances, impacting Indian nationals.
GOVERNMENT OF INDIA
MINISTRY OF EXTERNAL AFFAIRS
LOK SABHA
UNSTARRED QUESTION NO- 959
ANSWERED ON- 05/12/2025
IMPOSED OF USD ON REMITTANCES IN MALDIVES
959. Shri Anto Antony
Will the Minister of EXTERNAL AFFAIRS be pleased to state :-
(a) whether the Government is aware that the State Bank of India (SBI),
Maldives has reportedly imposed a USD 150 cap on monthly remittances,
if so, the details thereof;
(b) whether the Government has received any complaints in this regard
and if so, the details thereof;
(c) the present status of this reported remittance cap; and
(d) the action has been taken by the Government at diplomatic level on
said issue?
ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF EXTERNAL AFFAIRS
(SHRI KIRTI VARDHAN SINGH)
(a) to (b): Yes, Maldives Monetary Authority allocates a limited amount of
US Dollars per month to banks in Maldives to facilitate remittances
abroad. This has impacted the ability of banks in Maldives to facilitate
1remittances beyond a certain limit for foreign nationals. Indian nationals,
earning their salaries in local Maldivian currency (Maldivian Rufiyaa -
MVR) have raised the issues faced due to the remittance cap. Indian
nationals earning their salaries in US Dollars, however, do not face
difficulties in remitting their money to India.
(c) to (d): The issue has been taken up with the Government of Maldives
and the Maldives Monetary Authority on priority, requesting their support
in enhancing allocation of US Dollars to banks in Maldives. Due to these
efforts, Maldives Monetary Authority has increased the Dollar allocations
to SBI Male in November 2025 as also the remittance ceilings (to USD 300)
for those employed in education and health sector.
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