The Reserve Bank of India (RBI) has updated its foreign exchange regulations concerning the export and import of goods and services.
These amendments introduce simplified reporting requirements specifically for resident individuals. A new threshold of Rs 10 lakh has been established for certain transactions related to services.
The changes, notified on November 2, 2026, modify existing regulations and are effective retrospectively from October 1, 2026. A significant alteration affects the Export Declaration Form (EDF) for service exporters. Under the new rules, a resident individual exporting services will fulfill the EDF requirement by providing necessary information to an Authorised Dealer (AD) for payment crediting.
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Source: indianexpress.com
