RBI
RBI to Clarify Forex Reporting Rules for Individuals via FAQ
7 October 2026 · Mint
The RBI will soon issue an FAQ clarifying its new foreign exchange regulations, which had caused confusion among individuals doing personal cross-border transactions. Governor Sanjay Malhotra and Deputy Governor Rohit Jain confirmed that individuals receiving payments for personal services like tutoring or small software work are not covered by the exporter/importer reporting requirements.
Points to Remember
- RBI's Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, notified on 13 January, replaced the 2015 regulations and came into force in October.
- Individuals subscribing to TV channels, apps, journals or newspapers, and those providing services abroad such as tutoring or small software services, will not need to comply with the export/import reporting requirements.
- Service exporters must file declarations within 30 days of invoice issuance, with flexibility for consolidated monthly filings and bank-approved extensions.
- Software exports are explicitly brought under 'services', with authorized dealers and STPI recognized as specified authorities.
- For transactions up to ₹10 lakh per bill, exporters/importers can close outstanding entries in RBI's monitoring systems via self-declaration, including quarterly bulk submissions.
Why it matters
Authorised dealer banks will soon have RBI's FAQ to guide customers on which personal and small-value cross-border receipts need reporting and which do not, reducing confusion at the counter.
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