The Reserve Bank of India has amended the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 through Notification No. FEMA 23(R)/(2)/2026-RB, issued in November 2026, easing Export Declaration Form (EDF) and IDPMS reporting.
Resident individuals exporting services are now treated as having submitted the EDF once they furnish payment-related details to their Authorised Dealer bank. For other service exporters, this relaxation covers inward remittances of up to Rs. 10 lakh. For import of services, IDPMS reporting applies to NRI importers where the invoice or contract value is more than Rs. 10 lakh.
Freelancers, consultants and other service exporters should check with their bank how payment details are captured, and keep invoices and remittance records in order for amounts above the threshold.
