RBI Notifies New FEMA Rules 2026 for Export and Import of Goods and Services: Effective October 1

The Central Office of the Foreign Exchange Department, RBI, has released an official notification dated January 13, 2026, to announce the implementation of new rules called the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The introduction of these new rules will replace the earlier Foreign Exchange Management (Export of Goods & Services) Regulations, 2015.

These rules have been issued in pursuance of powers under Section 7, Section 8, subsection (6) of Section 10, and subsection (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and are scheduled to take effect on October 01, 2026. Any action taken under the old rules before the effective date will remain valid.

Under these regulations, certain key terms have been defined. The following are the details:

• The “Act” refers to the Foreign Exchange Management Act, 1999.
• An “Authorised Dealer” means a bank or entity authorised by the RBI to deal in foreign exchange.
• An “Export Declaration Form” (EDF) is a form used to declare export details.
• “Project Export” has the same meaning as given in the Foreign Trade Policy.
• “Software” includes computer programs, designs, data, audio or video signals, and similar digital content not supplied on physical media.
• The “Specified Authority” varies depending on whether the transaction involves goods, services, or software, as well as whether it occurs within a Domestic Tariff Area or a Special Economic Zone. For these rules, services also include software.

Every exporter of goods should submit a declaration in the Export Declaration Form (EDF), declaring the full value of goods exported to the specified authority at the time of export. If the export is done through an Electronic Data Interchange (EDI) port, the declaration is treated as part of the shipping bill. People carrying personal effects while travelling are not treated as exporters under these rules. Exporters of services must submit the declaration within 30 days from the end of the month in which the invoice is raised.

Refer to the official notification for complete information.