RBI now requires all goods and services exporters to file an Electronic Declaration Form (EDF) with their designated banks as a precondition for realization of export proceeds.
RBI Introduces Mandatory EDF Filing for Exporters
Effective 1 October 2026, the Reserve Bank of India (RBI) has mandated that all exporters of goods and services must file an Electronic Declaration Form (EDF) with their designated banks before realization of export proceeds. The move aims to enhance transparency and improve tracking of foreign exchange inflows.
The EDF must contain details of the export transaction, including invoice value, currency, port of shipment, and buyer information. It replaces the earlier requirement of submitting Form ODC in physical format and aligns with RBI’s digitalization strategy under the Foreign Exchange Management Act (FEMA), 1999.
Banks are now required to verify the EDF against shipping and banking documents before allowing credit of export proceeds. Failure to file the EDF may result in delay or rejection of remittance processing.
Exporters and their legal advisors must ensure compliance with the new procedure. The EDF will be integrated with the Directorate General of Foreign Trade (DGFT) and customs systems, enabling real-time monitoring. This development strengthens regulatory oversight and reduces discrepancies in export reporting.
Citations
- FEMA, 1999, Section 8
- RBI Master Direction on Export of Goods and Services, 2026
