RBI now requires all goods and services exporters to file an Electronic Data Format (EDF) declaration with designated banks from October 1, 2026. The move aims to streamline forex monitoring and export data capture.
RBI Introduces Mandatory EDF Filing for Exporters
The Reserve Bank of India (RBI) has mandated that all exporters of goods and services must file an Electronic Data Format (EDF) declaration through their designated authorised dealer banks starting October 1, 2026. The directive aims to improve data accuracy, enhance foreign exchange monitoring, and reduce discrepancies in export reporting.
The EDF replaces the earlier Electronic Verification Code (EVC) system and integrates with the Export Data Processing and Monitoring System (EDPMS). Exporters must submit invoice-level details including value, currency, port of shipment, and buyer information. The move complements the upcoming Legal Entity Identifier (LEI) rollout for high-value transactions.
"Timely and accurate EDF submission is essential for the recognition of export proceeds and eligibility for trade benefits,"RBI stated. Non-compliance may affect FCRA compliance ratings and delay recognition under export promotion schemes.
Law firms and corporate advisors must now incorporate EDF compliance into export financing and forex advisory workflows. The change affects both physical and digital service exporters, including IT and consultancy firms receiving overseas payments.
Citations
- RBI Master Direction – Export of Goods and Services, 2026
