RBI eases foreign-exchange reporting rules for services

India’s Reserve Bank of India has eased foreign-exchange reporting rules for services exports and imports.

The changes are part of regulations that took effect on October 1, 2026.

Resident individuals exporting services are treated as having filed an Export Declaration Form when they give their authorised bank the information needed to receive payment, with no transaction-value limit.

For other exporters, the form is treated as filed through the same process when the incoming payment is no more than Rs 10 lakh.

For service imports, banks must record transactions in a monitoring system when the importer is not an individual resident and the invoice or contract is worth more than Rs 10 lakh.

Banks have five working days after receiving the details to enter them, while the revised rules reduce separate filing requirements for some transactions.