The Reserve Bank of India's revised framework governing export and import transactions comes into effect on Wednesday, October 1, changing timelines for exporters and bringing service exports into a formal reporting regime for the first time.
Nine months instead of fifteen
The headline change: exporters will now have nine months, instead of 15 months, to realise and repatriate export proceeds. For exports of goods, the nine-month period will be counted from the date of shipment; for services, from the date of invoice. For goods exported to an overseas warehouse, the clock starts from the date of sale from the warehouse.
For exports invoiced or settled in Indian rupees, the deadline has been reduced to 12 months from 18 months. However, authorised dealer (AD) banks can extend the deadline if an exporter requests more time and provides reasons the bank finds satisfactory.
Service exports enter the formal framework
The new rules introduce a formal Export Declaration Form (EDF) requirement for exports of services. Under the 2026 regulations, service exporters must submit an EDF within 30 days from the end of the month in which the invoice is raised. One EDF can cover multiple service exports to different recipients during a month.
Makarand M Joshi, founder partner at MMJC & Associates, said that while service exports were already subject to FEMA requirements on realisation and repatriation of proceeds, they never required a specific export declaration. "From October 1, these transactions will also come within a formal reporting framework, significantly increasing regulatory visibility over India's services exports," he said.
Import rules and small exporters
The RBI has also changed how import payment timelines work: AD banks will monitor import payments based on the payment period in the underlying commercial contract, rather than a uniform regulatory clock — a move Joshi described as "genuine ease of doing business."
Smaller exporters get simpler treatment too. For exports of goods or services up to Rs 10 lakh per shipping bill or invoice, an exporter can submit a declaration that payment has been realised to close the transaction in the Export Data Processing and Monitoring System (EDPMS).
Sources: New RBI FEMA rules from October 1 — CNBC TV18
Nine months instead of fifteen
The headline change: exporters will now have nine months, instead of 15 months, to realise and repatriate export proceeds. For exports of goods, the nine-month period will be counted from the date of shipment; for services, from the date of invoice. For goods exported to an overseas warehouse, the clock starts from the date of sale from the warehouse.
For exports invoiced or settled in Indian rupees, the deadline has been reduced to 12 months from 18 months. However, authorised dealer (AD) banks can extend the deadline if an exporter requests more time and provides reasons the bank finds satisfactory.
Service exports enter the formal framework
The new rules introduce a formal Export Declaration Form (EDF) requirement for exports of services. Under the 2026 regulations, service exporters must submit an EDF within 30 days from the end of the month in which the invoice is raised. One EDF can cover multiple service exports to different recipients during a month.
Makarand M Joshi, founder partner at MMJC & Associates, said that while service exports were already subject to FEMA requirements on realisation and repatriation of proceeds, they never required a specific export declaration. "From October 1, these transactions will also come within a formal reporting framework, significantly increasing regulatory visibility over India's services exports," he said.
Import rules and small exporters
The RBI has also changed how import payment timelines work: AD banks will monitor import payments based on the payment period in the underlying commercial contract, rather than a uniform regulatory clock — a move Joshi described as "genuine ease of doing business."
Smaller exporters get simpler treatment too. For exports of goods or services up to Rs 10 lakh per shipping bill or invoice, an exporter can submit a declaration that payment has been realised to close the transaction in the Export Data Processing and Monitoring System (EDPMS).
Sources: New RBI FEMA rules from October 1 — CNBC TV18
