Maldives is preparing to start India’s RuPay service. Talks are going on between the two countries regarding this. Indian tourists coming to Maldives will be able to pay in rupees.
New Delhi. Every day we see in the news how expensive messing with India is for Maldives. First, the Maldives government apologized and requested Indians to come to visit their country. The Maldives minister even said that if India does not end its anger, we will be ruined. Finally, Maldives came on its knees and is now starting a special facility to attract Indians. The Maldives minister has said that it will soon start special services for Indian tourists.
Maldives Economic Development and Trade Minister Mohammed Saeed said, we are preparing to start India’s RuPay service here. Talks are going on between the two countries regarding this. After this facility is started, Indian tourists coming to Maldives will be able to pay in rupees. However, its date has not been finalized yet, but a final decision can be taken on it soon.
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What is Rupay service?
National Payment Corporation of India (NPCI) has launched RuPay service. This is the first Indian product of its kind, which is connected with the global card payment network. It has been accepted in many countries so far. Apart from ATMs, RuPay card can also be used on POS machines and e-commerce websites.
What is the intention of Maldives
The Maldives minister said that this will also strengthen our currency. Amidst growing concerns about the dollar around the world, trading in local currency with a country like India will provide economic strength. In August 2022, the then President Ibrahim Mohamed Solih had said that the leaders of the two countries were in talks to introduce RuPay card in the Maldives. This will help in increasing bilateral tourism and trade.
How much will be the benefit
Maldives says that both India and China have agreed to trade with it in their local currency. This means that imports can be paid in rupees instead of dollars. This will help in saving up to 50 percent on the import bill of $ 1.5 million between the two countries. That is, Maldives will be able to save about 7.5 lakh dollars by trading with India in Rupees. India had said in July 2023 itself that Maldives is also among these 22 countries, which are willing to trade with us in local currency.
Tags: Business news, Maldives, Rupee weakness, Tourism business
FIRST PUBLISHED : May 24, 2024, 13:38 IST