RBI eases reporting norms for small service exporters and importers | Finance News
The Reserve Bank of India (RBI) on Tuesday eased reporting requirements for small service exporters and importers, including relaxing rules for filing export declarations.
The central bank has amended the Foreign Exchange Management (Export and Import of Goods and Services) Regulations.
Under the revised norms, exporters of services will be deemed to have submitted the Export Declaration Form (EDF) when they furnish the necessary information regarding receipt of payment to an authorised dealer for crediting their accounts.
For exporters other than resident individuals, the same facility will be available for inward remittances of up to Rs 10 lakh, or its equivalent in foreign currency, for a service.
The RBI has also eased the Import Data Processing and Monitoring System (IDPMS) reporting requirements for service imports, subject to specific conditions.
Under the amended regulations, authorised dealer banks will be required to enter details of service imports in the IDPMS within five working days of receiving the information only in cases where the importer is not a resident individual and the invoice or contract value exceeds Rs 10 lakh, or its equivalent in foreign currency.
The revised norms have come into effect retrospectively from October 1, 2026.
