RBI Introduces Second Amendment to FEMA Export and Import Regulations, Effective October 1, 2026:

The Foreign Exchange Department of the Reserve Bank of India (RBI), vide Notification No. FEMA 23(R)/(2)/2026-RB, dated November 02, 2026, made a second amendment to the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, initially notified on January 13, 2026, vide Notification No. FEMA 23(R)/2026-RB.

The RBI has taken this action in exercise of its powers granted under Section 7, Section 8, sub-section (6) of Section 10 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999.

According to the notification, the amended regulation will be called the Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026, effective retrospectively from October 01, 2026.

In the principal regulation, the definition of a resident individual has been inserted in Regulation 2, sub-regulation (1), after clause (d). The inserted definition reads "(da) "resident individual” means a person resident in India who is a natural person."

Furthermore, the RBI has clarified the requirements for submitting the Export Declaration Form (EDF) for exporters of services. According to the amendment notified, resident individuals will be considered to have furnished the EDF following the submission of the required payment-related details to their authorised dealer (AD) bank.

In the principal regulations, in regulation 3, in sub-regulation (2), the provisos read: "(a) the exporter of services shall be deemed to have submitted the EDF when such exporter, being a resident individual, provides information required in relation to the receipt of payment for such services to the Authorised Dealer for crediting the account of the exporter.

(b) the exporter of services shall be deemed to have submitted the EDF when such exporter, being a person other than a resident individual, provides information required in relation to the receipt of payment for such services to the Authorised Dealer for crediting the account of the exporter if the value of the inward remittance for such service is not more than ₹10 Lakh (or its equivalent in foreign currency)," has been added.

As this is the second amendment introduced to the FEMA 1999, the first amendment was announced vide Notification No. FEMA 23(R)/(1)/2026-RB, dated September 22, 2026.