RBI eases forex rules for services exports and imports
ReutersThe changes form part of the Foreign Exchange Management (Export and Import of Goods and Services) which came into effect from October 1, 2026. Under the amended regulations, a resident individual exporting services will be deemed to have submitted the Export Declaration Form, or EDF, once the individual provides the authorised dealer bank with the information required to credit the payment to the exporter's account. No transaction-value threshold has been prescribed for resident individuals.
For exporters other than resident individuals, the EDF will be considered submitted through the same process if the inward remittance does not exceed ?10 lakh, or its equivalent in foreign currency.
On service imports, authorised dealer banks will be required to enter transaction details in the Import Data Processing and Monitoring System, or IDPMS, when the importer is not a resident individual and the invoice or contract value exceeds Rs 10 lakh. The details must be entered in five working days of their receipt.