RBI amends FEMA export-import rules to ease compliance and reflect trade developments. Key changes in documentation and reporting timelines.
Amendments to Foreign Exchange Export-Import Regulations
The Reserve Bank of India has promulgated the Foreign Exchange Management (Export and Import of Goods and Services) (Amendment) Regulations, 2026, effective September 22, 2026. The amendments are issued under Sections 7, 8, 10(6), and 47(2) of the Foreign Exchange Management Act, 1999 (FEMA), to align regulations with evolving trade practices and policy developments.
Key updates include rationalisation of documentation for deemed exports, adjustments in timeframes for realisation of export proceeds, and clarifications on import of services by resident entities. The changes aim to simplify compliance while strengthening oversight over cross-border transactions to prevent misuse.
Practitioners dealing with foreign trade must review updated reporting requirements under the Electronic Reporting System (ERS). The amendments reflect RBI’s balanced approach towards facilitating legitimate trade and mitigating external sector risks.
Citations
- FEMA Notification No. 23(R)/(1)/2026-RB
- FEMA Act, 1999