Reserve Bank of India eases Export Declaration Form and import reporting norms for service exporters and small-value transactions

Key facts

• The Reserve Bank of India (RBI) issued the Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026, notified on 2nd November 2026 and effective retrospectively from 1st October 2026.
• Resident individuals exporting services will be deemed to have submitted the Export Declaration Form (EDF) once they provide the required payment-related information to their authorised dealer (AD) bank, removing the need for a separate EDF.
• The same deemed-submission facility applies to other exporters for inward remittances of up to Rs 10 lakh.
• The amendment introduces a definition of a resident individual as a person resident in India who is a natural person.
• For imports of services, authorised dealer banks must enter details in the Import Data Processing and Monitoring System (IDPMS) only when the importer is not a resident individual and the invoice or contract value exceeds Rs 10 lakh, within five working days of receipt of details.