All foreign currency earned from tourism mandated to be deposited to local banks

A regulation has been published that has mandated all foreign currency earned tourism in the Maldives to be deposited to local banks. 

The regulation gazetted on Tuesday provides a 30 day period for businesses in the tourism sector including ones registered with Maldives Inland Revenue Authority (MIRA) to reregister and 30 day period for new businesses registering with MIRA, to register with Maldives Monetary Authority (MMA).

The regulation mandates tourism goods and service providers to submit the details of the goods and services provided by the party to MMA by October 28^th.

It further said details of foreign currency earned through tourism deposited to banks must be shared with other authorities as instructed by the bank.