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.
