RBI moves to quell forex reporting confusion, says individuals need not report imports, export earnings
The RBI on Wednesday clarified that individuals are not required to report imports or export earnings under the new foreign exchange regulations, and said FAQs will be issued shortly to address confusion. Governor Sanjay Malhotra said reporting on the RBI platform is handled by banks and authorised dealers, not traders.
On October 1, the Reserve Bank of India introduced the unified Foreign Exchange Management (Export and Import of Goods and Services) Regulations 2026 to streamline reporting requirements for businesses engaged in foreign exchange transactions. In a recent clarification, Deputy Governor Rohit Jain stated that individuals are exempt from these reporting obligations, specifically for personal contracts.
The new regulations aim to unify the rules governing foreign exchange transactions related to both goods and services, bringing exporters, importers, and service providers onto a more level playing field. RBI Governor Sanjay Malhotra elaborated that entities are allowed to self-declare bills up to Rs 10 lakh, without the need for external filing on the RBI platform.
Malhotra emphasized that the reporting process should not impose a significant burden on businesses, noting that the required information was already being shared with intermediaries such as banks and authorized dealers. The RBI seeks to further clarify the scope of reporting obligations through an upcoming FAQ, addressing what it describes as misunderstandings surrounding the new framework.
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- RBI moves to quell forex reporting confusion economictimes.indiatimes.com
