RBI issues the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026

The Reserve Bank of India (RBI) has, vide press release dated January 13, 2026, issued the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (Export and Import Regulations) and the Directions on Export and Import of Goods and Services (Export and Import Directions) (collectively, Export-Import Framework), to amend and supersede the extant regulation in this regard. The Export-Import Framework are primarily principle-based and have been issued to with the intent of promoting ease of doing business, specifically for small exporters and importers.

The key aspects notified by the RBI through the Export and Import Regulations include, inter alia, the following:

1. Declaration of Exports: The revised process of declaration of exports under Clause 3 of the Import and Export Regulations, inter alia, provides as follows:

• • An exporter of goods shall furnish to the specified authority, a declaration in the Export Declaration Form (EDF) specifying the amount representing the full export value of goods, at the time of export.

• • An authorised dealer bank (AD Bank) shall furnish to the specified authority, a declaration in EDF specifying the amount representing the full export value of services, within 30 days from the end of month in which invoice for services has been raised. 

2. Manner and Receipt of Payment: The Export and Import Regulations provide inter alia that : 

• • The receipts and payments for export and import of goods and services shall be in the manner specified in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, as amended from time to time.

• • An AD Bank shall make a credit or debit to the account of an exporter or an importer, for receipt of export or payment for import, only after having satisfied itself of the genuineness of the transaction, and shall, simultaneously close or update the respective entry in Export Data Processing and Monitoring System (EDPMS) or Import Data Processing and Monitoring System (IDPMS).

3. Time Period for Realization of Exports: The amount representing the full or reduced export value of goods and services shall be realized and repatriated by the exporter within the period specified below: 

• • fifteen months from the date of shipment in case of goods (other than goods exported to a warehouse outside India) and from the date of invoice in case of services;

• • fifteen months from the date of sale of goods from the warehouse in case of goods exported to a warehouse outside India; and

• • as per payment terms of the contract, in case of project exports.

4. Set-off of export receivables against import payables: AD Bank may allow set-off of export receivables against import payables from/to the same overseas buyer or supplier or with their overseas group or associate companies, within the stipulated period for realisation of export proceeds or extended period, if any, allowed by the AD Bank.

5. Third party receipts and payments: AD Bank may permit third party (other than the parties undertaking export and import) receipts and payments for export and import transactions provided that the AD Bank is satisfied with the bonafides of the transactions.

For more details, kindly refer to the Export and Import Regulations by clicking on this link, and the Export and Import Directions by clicking on this link.