The Reserve Bank of India (RBI) has eased foreign exchange reporting requirements for small-value services exports and imports, exempting resident individuals from certain declaration obligations and introducing a threshold of ₹1 million for specified reporting requirements.
Under the revised framework, resident individuals exporting services will be deemed to have submitted the Export Declaration Form (EDF) once they provide the necessary payment details to their authorised dealer (AD) bank for crediting the inward remittance. This removes the need for a separate export declaration for such transactions.
The RBI has extended similar treatment to non-individual service exporters for export receipts of up to ₹1 million. However, for receipts exceeding this threshold, the existing EDF requirements will continue to apply.
The central bank has also streamlined reporting requirements for imports of services. Authorised dealer banks will now be required to enter transaction details into the RBI’s Import Data Processing and Monitoring System (IDPMS) only in cases involving importers other than resident individuals, where the invoice or contract value exceeds ₹1 million.
The changes are aimed at simplifying compliance procedures, reducing documentation requirements and easing the reporting burden on individuals and businesses undertaking low-value cross-border services transactions.
The original foreign exchange reporting framework was notified earlier this year and came into effect from October 1, 2026. The latest amendments further rationalise the requirements by introducing specific exemptions and monetary thresholds for reporting obligations.