New Delhi, Nov 3 (SocialNews.XYZ) The Reserve Bank of India (RBI) has clarified Export Declaration Form (EDF) compliance norms for resident individuals exporting services, saying that they will be deemed to have submitted the EDF once they provide the required payment-related information to their authorised dealer (AD) bank.
The RBI issued the Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026, effective retrospectively from October 1, 2026.
Under the earlier framework notified in September, service exporters were required to furnish an EDF within 30 days from the end of the month in which an invoice was raised. The declaration enabled authorised dealer banks to record export transactions in the RBI's Export Data Processing and Monitoring System (EDPMS) and track receipt of export proceeds.
An exporter providing services to one or more recipients during a month could submit a single EDF covering all such exports. Exporters of services other than software can submit the EDF on or before the date of receipt of payment.
Under FEMA, an EDF is a document that an exporter submits to their AD bank, declaring the services exported and the corresponding payment expected from overseas clients.
The clarification deems that individuals earning income from overseas clients, such as freelancers, YouTubers and independent professionals, need not submit an EDF separately if they provide the required payment-related information to their bank.
The latest amendment notified on November 2 also introduces a definition of a resident individual and clarifies when an EDF will be considered submitted. The RBI has defined a resident individual as a person resident in India who is a natural person.
The amendment provides the same deemed-submission facility to non-resident exporters, when the inward remittance for a service does not exceed Rs 10 lakh.
Authorised dealer banks “shall enter details of import of service in IDPMS, as furnished by the importer who is a person other than a resident individual and where the invoice or the contract value is more than Rs 10 lakh within five working days of receipt of details,” the revised provision said.
—IANS
aar/ag
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
