RBI moves to quell forex reporting confusion, says individuals need not report imports, export earnings

The Reserve Bank of India on Wednesday clarified that individuals are not required to report imports or export earnings under the new foreign exchange rules, and said it will soon issue FAQs to address confusion over the reporting requirements.

The clarification comes after the implementation of the unified Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, from October 1. The regulations seek to simplify the reporting framework and bring services exporters and importers on a similar footing with merchandise businesses.

Deputy Governor Rohit Jain said the reporting requirements do not apply to individuals for contracts of a personal nature.

“...individuals are not included with respect to the reporting requirements for contracts of a personal nature. There seems to be some misunderstanding on the reporting obligations. We will clarify through an FAQ shortly,” Jain said.

Governor Sanjay Malhotra said that even for entities, the new framework allows self-declaration for bills up to Rs 10 lakh.

Banks, authorised dealers to handle reporting

Malhotra clarified that exporters and importers themselves are not required to file the information on the RBI platform.

Instead, the reporting is to be carried out by intermediaries such as banks and authorised dealers, he said.

Malhotra said the process should not impose a significant additional burden on businesses, noting that some of the information required under the framework was already being provided by importers and exporters to their intermediaries.

“...we feel it is not a major inconvenience or a burden,” he said.

The RBI's clarification follows concerns over how the revised foreign exchange reporting regime would apply after the new regulations came into effect.

RBI says new framework aims to simplify rules

Jain said the revised regulations are intended to simplify the foreign exchange framework and improve ease of doing business.

He also pointed out that the guidelines had been published in January, giving trade and industry time to prepare for the changes before their implementation on October 1.

The unified regulations consolidate the rules governing foreign exchange transactions related to exports and imports of goods and services. The RBI has now proposed the FAQ to further clarify the scope of reporting obligations and address what it described as misunderstandings around the new framework.