The Reserve Bank of India (RBI) on November 02, 2026, notified the Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026, amending the principal regulations notified vide FEMA Notification No. FEMA 23(R)/2026-RB dated January 13, 2026. The amendment introduces the definition of “resident individual”, meaning a person resident in India who is a natural person.
The amendment simplifies the Export Declaration Form (EDF) submission requirements for export of services. A resident individual exporter shall be deemed to have submitted the EDF by providing the required payment-related information to the Authorised Dealer (AD) for crediting the exporter's account. For exporters other than resident individuals, the same treatment shall apply where the value of inward remittance for the service does not exceed ₹10 lakh or its equivalent in foreign currency.
Further, the requirement for AD banks to enter details of import of services in the Import Data Processing and Monitoring System (IDPMS) within five working days has been restricted to cases involving importers other than resident individuals, where the invoice or contract value exceeds ₹10 lakh or its equivalent in foreign currency. The amendment shall come into force with effect from October 1, 2026.
[Notification No. FEMA 23(R)/(2)/2026-RB1]
