A 10-day deadline has been given to update the leases of uninhabited islands leased at low rates under the new law.

The deadline is stipulated under the new Uninhabited Islands and Leasing of Uninhabited Islands Act, ratified by President Dr Mohamed Muizzu on Monday.

The main purpose of the new law is to repeal the previous legislation and strengthen the system for leasing uninhabited islands.

The new law will come into effect one month after its ratification, at which point the existing law governing uninhabited islands will be repealed.

Under the new legislation, existing agreements for uninhabited islands leased to various parties must be reviewed and their lease payments revised according to the new procedures and rates. The revised agreements must be implemented within six months of the new law coming into effect.

The annual lease rates set under the new law, depending on the purpose of the island, are:

Industrial and economic activities: MVR 3 per square metreFishing and agricultural activities: MVR 2.50 per square metreSocial purposes: MVR 2 per square metre