The Reserve Bank of India has amended its 2026 foreign exchange regulations to ease reporting for services exports and imports, effective Oct. 1, 2026. Service exporters who are natural persons resident in India are deemed to have submitted the Export Declaration Form (EDF) when they provide their authorised dealer with the information required to credit the service payment to their account. Other service exporters qualify for this treatment where the inward remittance does not exceed INR 1 million or its equivalent in foreign currency. For services imports, authorised dealers must enter details in the Import Data Processing and Monitoring System (IDPMS) only when the importer is not a resident individual and the invoice or contract value exceeds INR 1 million or its foreign currency equivalent. Entries must be made within five working days of receiving the details from the importer.
Reserve Bank of India eases services trade reporting for resident individuals and sets INR 1 million thresholds
The Reserve Bank of India has simplified services trade reporting, effective Oct. 1, 2026. Resident individual exporters satisfy export declaration requirements by supplying payment information to their authorised dealer, with the same treatment available to other service exporters for receipts up to INR 1 million or its foreign currency equivalent. Dealers must report services imports only where the importer is not a resident individual and the invoice or contract value exceeds that threshold.