RBI Eases Export Declaration, Import Reporting Rules for Small Service Traders

New Delhi, Nov 4 (KNN) The Reserve Bank of India (RBI) has eased reporting requirements for small service exporters and importers, including simplifying export declaration procedures and raising the threshold for reporting service imports.

The central bank has amended the Foreign Exchange Management (Export and Import of Goods and Services) Regulations to reduce compliance requirements for specified transactions.

Under the revised norms, service exporters will be deemed to have submitted the Export Declaration Form (EDF) when they provide the required payment receipt information to an authorised dealer bank for crediting their accounts, PTI reported.

For exporters other than resident individuals, the exemption will apply to inward remittances of up to Rs 10 lakh, or its equivalent in foreign currency, per service.

The RBI has also relaxed reporting requirements under the Import Data Processing and Monitoring System (IDPMS). Authorised dealer banks will be required to report service import details within five working days of receiving the information only when the importer is not a resident individual and the invoice or contract value exceeds Rs 10 lakh, or its foreign currency equivalent.

The revised norms have come into effect retrospectively from October 1, 2026, and are expected to reduce reporting-related compliance burdens for eligible service exporters and importers.

(KNN Bureau)