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Update · RBI notification FEMA 23(R)/(2)/2026-RB, 2 November 2026, in force from 1 October 2026 · checked 14 November 2026

Service exporters and importers: less paperwork for payments up to ₹10 lakh

RBI has simplified foreign exchange reporting for services. Freelancers and other individuals exporting services no longer file a separate export declaration form (EDF), and businesses receiving up to ₹10 lakh for a service export are treated as having filed it once they give their bank the payment details. Service imports by businesses need bank reporting only above ₹10 lakh.

Applies to
Businesses and individuals who sell services abroad or pay for imported services
Effective from
1 October 2026
Published
2 November 2026
  • Individuals exporting services (freelancers, consultants, designers, developers): the EDF is deemed submitted when you give your bank the details of the payment received. There is no separate EDF process.
  • Businesses exporting services: the same deemed submission applies where the payment received is up to ₹10 lakh or its equivalent in foreign currency. Above that, the usual process continues.
  • Businesses importing services: the bank has to enter the import in its tracking system within five working days only where the invoice or contract is above ₹10 lakh. Individuals are left out of this reporting.
  • Date. The notification is dated 2 November 2026 but says it applies from 1 October 2026.

What to do

Tell your bank's foreign exchange desk, with each inward payment, what the payment is for and which invoice it settles. That information is now your filing. Keep the invoice, contract and bank advice together, because the limit is checked payment by payment.

Sources

This update is for general information only and does not constitute professional advice. Please consult a qualified professional before acting on it.

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