Revamped foreign‑exchange management rules to promote ease of doing biz

New Delhi, Jan 17 (IANS) The Reserve Bank of India (RBI) has said that the recently issued Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 will come into force from October 1 — easing compliance for smaller traders and strengthening digital monitoring.

“The regulations are primarily principle based and intended to promote ease of doing business, especially for small exporters and importers. They are also intended to empower Authorised Dealers to provide quicker and more efficient service to their customers,” an official statement said.

The regulations, announced on January 13, will replace the 2015 export rules empowering authorised dealer banks to manage routine trade matters under their internal policies.

As per the RBI notification, exporters of goods will continue to declare shipment values through the Export Declaration Form (EDF) embedded in shipping bills at (Electronic Data Interchange) EDI ports.

EDI ports support customs clearance and trade documentation electronically rather than through manual paperwork.

Service exporters must file declarations within 30 days of invoice issuance, with flexibility for consolidated monthly filings and bank-approved extensions. Software exports were brought under the definition of services under the new rules, with authorised dealers and Software Technology Parks of India (STPI) recognised as specified authorities.

The RBI retained the existing 15‑month timeline for realisation and repatriation of export proceeds. It extended the window to 18 months where exports are invoiced or settled in Indian rupees. For smaller transactions up to Rs 10 lakh, exporters and importers can close outstanding entries in the RBI’s monitoring systems through self‑declaration, including quarterly bulk submissions, easing procedural burdens for MSMEs and service exporters.

“An Authorised Dealer shall ensure that the charges levied for handling transactions and associated processes are reasonable and proportional to the services rendered,” it said.

The RBI further said that the authorised dealer must not levy any charges or penalty on its constituent (exporter or importer or merchant trader) for any regulatory delay or violation by the constituent.

—IANS

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