The RBI has notified the Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026, introducing amendments to the regulatory framework governing the export and import of goods and services.
RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
Mumbai 400 001
Notification No. FEMA 23(R)/(2)/2026-RBI
November 02, 2026
Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026
In exercise of the powers conferred by Section 7, Section 8, sub-section (6) of Section 10 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 [Notification No. FEMA 23(R)/2026-RB dated January 13, 2026] (hereinafter referred to as 'the principal regulations'), namely:
1. Short title and commencement: -
(1) These regulations may be called the Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026.
(2) These regulations shall come into force from October 01, 2026.
2. In the principal regulations, in regulation 2, sub-regulation (1), after clause (d), the following shall be inserted, namely: - “(da) “resident individual” means a person resident in India who is a natural person.”
3.1 In the principal regulations, in regulation 3, in sub-regulation (2), the following shall be inserted as provisos (a) and (b), namely:-
“(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).”
Source: CA Sansaar