RBI Simplifies Service Trade Forex Reporting Rules

The Reserve Bank of India has simplified foreign-exchange reporting for service exporters and importers, including streamlined Export Declaration Form treatment and a threshold for specified transactions. The amendments were notified on November 2, 2026, and state that they take effect from October 1, 2026. Under the revised rules, a resident individual exporting services is deemed to have submitted an EDF after providing an authorised dealer bank with the payment information needed to credit the proceeds to the individual’s account. The amendment defines a resident individual as a natural person resident in India. For service exporters who are not resident individuals, the same deemed-submission treatment applies when the inward remittance for the service is no more than Rs 10 lakh or its equivalent in foreign currency. The export threshold is based on the inward remittance, rather than the service’s invoice or contract value. The import rule uses a separate test. An authorised dealer bank must enter service-import details in the Import Data Processing and Monitoring System within five working days of receiving the information when the importer is not a resident individual...