The Reserve Bank of India (RBI) has introduced new rules called the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. These rules will start from 1 October 2026.
The main aim is to make India’s import and export payment system easier, clearer, and more digital for businesses, banks, and regulators. Earlier, there were many different rules for goods, services, software exports, etc.
RBI has brought one simple and common rule for all import and export payments of goods, services, and software under FEMA 2026. Exporters now get 15 months to receive payment (18 months if paid in Indian Rupees). A single online form called EDF(Export Declaration Form) will be used for reporting exports instead of many old forms. Exporters can take advance payment from buyers, adjust export money against import payments with the same party, and even receive or make payments through a third party with bank approval. If export money is not received and the amount is up to ₹10 lakh, it can be closed with a simple declaration. Clear rules are given for import advance payments, merchanting trade (time limits for completing trade). All transactions must be reported in RBI systems within 5 working days. Exporters who delay receiving money may be put on a caution list. The rules also officially allow trade payments in INR. Overall, the aim is to reduce paperwork, make the system digital and transparent, and make import-export business easier for everyone.
• Makes export-import business easier and faster
• Reduces confusion and heavy paperwork
• Helps small businesses to trade with other countries
• Makes the system more transparent and digital
• Strengthen India’s position in global trade
