Individuals exempt from reporting foreign earnings; RBI to issue FAQs soon

Clarifying that individuals do not need to report imports or export earnings, the Reserve Bank on Wednesday said it will publish FAQs (frequently asked questions) shortly to quell "misunderstandings" around the recently implemented regulatory changes.

Even in the case of entities, there is a provision for self-declaration up to a cap of ₹10 lakh per bill, Governor Sanjay Malhotra said.

Malhotra said the unified Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, implemented from October 1, get services players on par with merchandise entities when it comes to reporting requirements.

"...individuals are not included with respect to the reporting requirements for contracts of a personal nature. There seems to be some misunderstanding on the reporting obligations. We will clarify through an FAQ shortly," Deputy Governor Rohit Jain said.

 

He said the new regulations are aimed at simplification and promoting ease of doing business, and added that sufficient time was given to the members of trade as the guidelines were published in January this year.

Malhotra also said that the reporting on the RBI platform is to be done by intermediaries, including banks or authorised dealers and not by the exporters or importers.

"...we feel it is not a major inconvenience or a burden," he said, adding that some of the information was already being shared by the importers and exporters with the intermediaries.