The exchange of diplomatic notes follows the signature of the agreement by President Ram Nath Kovind after the Union Cabinet had given its approval, read a statement from the Ministry of External Affairs (MEA).
The new agreement will be effective from March 11 after all formalities including information being provided to all immigration offices, border points and customs authorities have been completed.
The agreement provides a very liberal visa regime for Maldivian nationals to visit India for tourism, business, education and medical purposes. It also makes it easier for Indians to travel to the Maldives for business purposes, the statement said.
Relations between New Delhi and Male came under strain during former President Abdulla Yameen's five-year rule, which saw him cosying up with China for various development projects, cracking down on dissent and imposing a state of emergency by jailing opposition leaders.
Moreover, there were several diplomatic issues under the Yameen government with many Indian nationals being reportedly denied visas.
Solih's surprise victory in the Maldives presidential elections in last September came as a major diplomatic victory for India, after New Delhi repeatedly warned the Yameen government to respect democratic institutions and free the jailed opposition leaders.
Prime Minister Narendra Modi had visited the island nation for Solih's swearing-in ceremony in November last year. During the visit, Solih briefed the Prime Minister about Maldives' fragile economic situation.
The two leaders discussed ways in which India can continue development partnership in various sectors, particularly to help the new government in meeting its pledges to the people of the Maldives.
During Solih's visit to India, New Delhi announced financial assistance of USD 1.4 billion to Male in the form of budgetary support, currency swap and concessional lines of credit to fulfill the socio-economic development programmes of the island nation.
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