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Informative

RBI Enables Direct INR-MVR Trade Settlement Between India and Maldives

Update / Judgement Date

18 Mar 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

FEMA & FCRAInternational TaxationRBI

The RBI has enabled direct INR-MVR trade settlement between India and Maldives. This initiative aims to facilitate bilateral trade and reduce transaction costs for businesses in both countries. The RBI's move will promote the use of local currencies in trade, enhancing economic cooperation. This decision reflects the growing economic ties between India and Maldives. The direct settlement mechanism will streamline trade transactions and improve efficiency.