RBI amends foreign exchange rules for service exporters
The Reserve Bank of India issued the Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026, effective from October 1, 2026. The amendment adds a definition of “resident individual” as a natural person residing in India and revises filing requirements for service exporters.
Under the new rules, a resident individual exporting services is deemed to have submitted the Export Declaration Form (EDF) when they provide payment-receipt information to the authorised dealer for crediting their account. For exporters who are not resident individuals, the EDF is considered submitted if the inward remittance does not exceed ₹10 Lakh (or its foreign-currency equivalent).
The amendment also changes reporting for import of services. When the importer is not a resident individual and the invoice or contract value exceeds ₹10 Lakh (or its foreign-currency equivalent), the importer must furnish details in the Import of Services Data Management System (IDPMS) within five working days of receiving the details, replacing the previous requirement to enter details as declared by the importer within five days of document receipt.
These changes follow earlier notifications, including the principal regulations published on January 15, 2026, and a prior amendment released on September 22, 2026. The latest amendment was published in the Official Gazette on November 2, 2026.
Why it matters
The updates clarify compliance steps for Indian service exporters and importers, impacting reporting timelines and thresholds.
FAQ
When does the amendment come into force?
The regulations become effective on October 1, 2026.
What new definition is added?
“Resident individual” is defined as a natural person resident in India.
How is the EDF deemed submitted for non-resident exporters?
If the inward remittance for services is not more than ₹10 Lakh (or equivalent), the EDF is deemed submitted when payment information is given to the authorised dealer.
What reporting change applies to import of services above ₹10 Lakh?
Importers who are not resident individuals must enter details in IDPMS within five working days of receiving the details.
Source: RBI Notifications. See the original source for full details.
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