RBI Eases Forex Reporting Rules

The Reserve Bank of India (RBI) has relaxed foreign exchange reporting norms to simplify compliance for small-value service exports and imports. Resident individuals exporting services will no longer need to file a separate Export Declaration Form, as payment details submitted to their authorised bank will be sufficient. The exemption also covers other exporters receiving payments of up to ₹10 lakh. For service imports, banks must 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 ₹10 lakh. The revised rules were notified on November 2 and are effective retrospectively from October 1, 2026.