RBI Permits Settlement of Indo-Maldives Trade in INR and MVR, Alongside the Existing ACU Mechanism
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- Last Updated on 19 March, 2025
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Circular No. RBI/2024-2025/125 A.P. (DIR Series) Circular No. 22, Dated: 17.03.2025
In the wake of the signing of a Memorandum of Understanding (MoU) between RBI and the Maldives Monetary Authority in November 2024, the Reserve Bank of India (RBI) has now allowed bilateral trade transactions between India and the Maldives to be settled in Indian Rupees (INR) and Maldivian Rufiyaa (MVR) in addition to the existing Asian Clearing Union (ACU) mechanism. These instructions shall come into force with immediate effect.
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