Maldivians residing in India have also been hit-hard by the overnight decision by the Indian government to scrap higher denomination notes.
The abolition of the 500 and 1,000 rupee notes is intended to crack down on corruption and bring cash worth billions of dollars in unaccounted wealth back into the economy.
The Maldives consulate in Trivandrum -- a more popular destination for Maldivians has been working to provide some relief to the hundreds of Maldivians residing in the city for education and medical care.
"There are basically two banks here in Trivandrum. So we've managed to negotiate an easy way for Maldivians to exchange money from those banks. Maldivians can now exchange 4,000 - 5,000 without much difficulty," Adam explained.
The currency exchange program launched by the Indian government that has been dogged by logistics snafus, poor banking infrastructure and intense demand for the new money.
The student said it was extremely difficult to stand in long queues to exchange the banned notes while attending college.
He added that he had no way to pay his school fees and boarding without exchanging the notes for which the government had now even raised the withdrawal limit.
The Indian government had relaxed withdrawal limits from banks, removing the 10,000 rupees a day restriction and increasing the weekly limit by 4,000 rupees to 24,000.
The Reserve Bank of India urged people not to hoard cash, adding that rupees were available "when they need it".
However, as most Maldivians mostly exchange US dollars which they receive from the Maldives, they manage expenses mainly with cash.
A family living in Trivandrum said that they had been unable to receive money through Western Union as the money transfer company said it was out of cash.
The long queues outside banks have made it almost impossible to exchange US dollars to the Indian rupee.
Maldives' consular general in Trivandrum Ahmed Adam said requests for assistance had been pouring in since the sudden ban on the notes.
Adam said the consulate has managed to provide an easier way for Maldivians to exchange US dollars from the ICIC bank and State Bank of India (SBI) branch in Trivandrum.
"There are basically two banks here in Trivandrum. So we've managed to negotiate an easy way for Maldivians to exchange money from those banks. Maldivians can now exchange 4,000 - 5,000 without much difficulty," Adam explained.
Maldives high commissioner to India Ahmed Mohamed believes the mass scramble to get the new money would die down in the next few weeks.
The high commission has been providing assistance to Maldivians in need as best it can, Mohamed added.
Prime Minister Narendra Modi acknowledged the "pain" being experienced by millions but said the scheme was "not born from arrogance".
"This hardship is only for 50 days," he said in a speech in Goa on Sunday. "Please, 50 days, just give me 50 days. After 30 December, I promise to show you the India that you have always wished for."
Indians have until 30 December to exchange the now-defunct notes at banks.
