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The Reserve Bank of India amends the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The amendment defines a resident individual as a natural person resident in India. It introduces new conditions for the deemed submission of the Export Declaration Form (EDF) for service exporters. Resident individuals now receive deemed submission upon providing payment receipt information to an Authorised Dealer. Other entities receive deemed submission for inward remittances of ₹10 Lakh or less. The amendment also restricts the requirement for Authorised Dealers to enter import of service details in the Import Data Processing and Monitoring System (IDPMS). This requirement now applies only to importers who are not resident individuals and where the invoice or contract value exceeds ₹10 Lakh.
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RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
Mumbai 400 001
Notification No. FEMA 23(R)/(2)/2026-RB
November 02, 2026
Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026
In exercise of the powers conferred by Section 7, Section 8, sub-section (6) of Section 10 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 [Notification No. FEMA 23(R)/2026-RB dated January 13, 2026] (hereinafter referred to as 'the principal regulations'), namely:
3.1 In the principal regulations, in regulation 3, in sub-regulation (2), the following shall be inserted as provisos (a) and (b), namely:-
“(a) the exporter of services shall be deemed to have submitted the EDF when such exporter, being a resident individual, provides information required in relation to the receipt of payment for such services to the Authorised Dealer for crediting the account of the exporter.
(b) the exporter of services shall be deemed to have submitted the EDF when such exporter, being a person other than a resident individual, provides information required in relation to the receipt of payment for such services to the Authorised Dealer for crediting the account of the exporter if the value of the inward remittance for such service is not more than ₹10 Lakh (or its equivalent in foreign currency).”
3.2 In the principal regulations, in regulation 3, in sub-regulation (2), the proviso numbers (a), (b) and (c), shall be renumbered as (c), (d) and (e).
(N. Senthil Kumar)
Chief General Manager
Footnote: The Principal Regulations, Notification No. FEMA 23(R)/2026-RB dated January 13, 2026, were published in the Official Gazette - Extraordinary - Part-III, Section 4 on January 15, 2026 and subsequently amended, vide:
Published in the Official Gazette of Government of India Extraordinary Part III, Section 4, on November 02, 2026
