The Reserve Bank of India has issued the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, updating the operational framework for trade-related foreign exchange transactions and expanding the regulatory text beyond exports to cover imports, services and software. The regulations supersede the 2015 export regulations (with past actions preserved) and set out declaration, settlement, monitoring and reporting requirements for exporters, importers and Authorised Dealers. Exporters of goods must submit an Export Declaration Form (EDF) at the time of export (deemed filed via the shipping bill at Electronic Data Interchange ports), while exporters of services must file an EDF within 30 days of month-end in which the invoice is raised, with options for single monthly EDFs and certain flexibilities subject to Authorised Dealer approval. Authorised Dealers may credit or debit exporter and importer accounts only after satisfying themselves of transaction genuineness and must close or update entries in the Export Data Processing and Monitoring System and Import Data Processing and Monitoring System, including simplified closure based on customer declarations for shipping bills or invoices up to INR 10 lakh (or equivalent) with optional quarterly bulk submissions. Export proceeds generally must be realised and repatriated within 15 months (or 18 months where invoiced or settled in Indian rupees), with extensions and permitted reductions in realisation subject to Authorised Dealer satisfaction, including declaration-based reductions up to INR 10 lakh. The framework also allows set-off of export receivables against import payables with the same overseas counterparty or its group, permits third-party receipts and payments subject to checks, tightens expectations for monitoring import payments against contract terms, restricts advance remittances for gold and silver imports, and imposes additional conditions where imports do not materialise or export proceeds remain unrealised beyond one year after the due date. Authorised Dealers must meet specified reporting and data-entry timelines in EDPMS and IDPMS, report foreign trade transactions in the Foreign Exchange Transaction Electronic Reporting System, and implement and publish core features of a documented internal policy and standard operating procedure covering documents, timelines, approvals, charges and customer escalation and appeals. The regulations come into force on 1 October 2026.
Reserve Bank of India 2026-01-16
Reserve Bank of India issues new foreign exchange management rules for export and import of goods and services effective 1 October 2026
The Reserve Bank of India has issued the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, updating the framework for trade-related foreign exchange transactions, effective 1 October 2026. These regulations supersede the 2015 export regulations and outline requirements for declaration, settlement, monitoring, and reporting for exporters, importers, and Authorised Dealers, with provisions for Export Declaration Forms, transaction genuineness verification, and timelines for realisation and repatriation of export proceeds.