On 23 September 2020, the Maldives Inland Revenue Authority (MIRA) issued Announcement No. (IUL)220-TSS/INDIV/2020/16, making it mandatory for any payment exceeding MVR 100,000 or USD 5,000 to be made electronically via MIRA’s online payment options, MIRAconnect and VaaruPay, or via the Maldives Real Time Gross Settlement (MRTGS) facility.

The announcement follows a directive issued by the Ministry of Finance to all state institutions to mandate electronic payment of large amounts.

The new rule will come into effect on 1 October 2020.