RBI simplifies services trade reporting with ₹10 lakh threshold for businesses

The Reserve Bank of India (RBI) has simplified foreign exchange reporting for service exporters and importers, introducing a deemed declaration mechanism for resident individuals and a ₹10 lakh threshold for specified business transactions.

The changes were issued through the Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026, dated 2 November. They take effect retrospectively from 1 October 2026, when the revised framework governing goods and services trade became operational.

A resident individual exporting services will be treated as having submitted the Export Declaration Form (EDF) when they provide the required payment information to their Authorised Dealer (AD) for crediting the export proceeds to their account.

The amendment defines a resident individual as a natural person resident in India. This provision does not specify a monetary ceiling for the deemed submission facility.

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