RBI eases forex reporting rules for small value service exports, imports

The Reserve Bank of India (RBI) has simplified foreign exchange reporting rules for service exporters and importers, easing compliance requirements for individuals and small-value transactions. Under the revised regulations, resident individuals exporting services will no longer need to submit a separate Export Declaration Form. Providing payment details to their authorised dealer bank will be sufficient. The same facility will apply to other exporters for inward remittances of up to ten lakh rupees.  
For imports of services, banks will be required to report transactions in the Import Data Processing and Monitoring System only when the importer is not a resident individual and the invoice or contract value exceeds ten lakh rupees. The amendments, notified on 2nd November, came into effect from 1st October 2026.
Authorized banks will be required to enter transaction details in the central bank's imports reporting and monitoring system only for importers other than resident individuals and where the invoice or contract value exceeds INR 1 million.The original rules governing reporting requirements were notified earlier this year and went into effect starting October 1.