RBI updates import payment rules effective 1 October 2026, including IDPMS closure limit, advance payments, guarantees, GST, and TDS compliance.
RBI Revises Import Payment Framework from October 2026
The Reserve Bank of India (RBI) has issued updated guidelines on import payments effective 1 October 2026, introducing changes to the Import Data Processing and Monitoring System (IDPMS) and aligning FEMA compliance with tax reporting. A key change is the closure of IDPMS reporting for import transactions below ₹10 lakh.
The revised rules mandate that payment for imports must align with underlying contracts, with strict documentation for advance payments and performance guarantees. Exporters and AD banks must ensure integration of GST invoicing, TDS deductions under the Income Tax Act, and timely reporting via the FC-GPR and FIRMS portal.
Key Compliance Points
- IDPMS no longer required for imports under ₹10 lakh
- Advance payments over ₹5 lakh require documentary justification
- Guarantees and deferred credits must be reported to AD banks
- TDS and GST details to be linked with foreign exchange remittances
These amendments streamline reporting while enhancing inter-agency coordination. Companies must update internal compliance systems to reflect the new thresholds and reporting linkages, particularly between FEMA and tax filings. The move signals RBI's focus on reducing compliance burden for small-value transactions while tightening oversight on larger exposures.
