The Reserve Bank of India (RBI) will soon issue a clarification on its new foreign exchange reporting rules, specifically addressing confusion around personal transactions, deputy governor Rohit Jain said on Wednesday. The clarification will come through a frequently asked questions (FAQ) document, aiming to ease concerns among individuals conducting personal forex dealings under the updated regulations that came into force in October.
The new Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, notified in January, replaced the 2015 rules and unified the regulatory framework for exports and imports of goods and services. The overhaul followed nearly two years of deliberations and two rounds of public consultation. It intends to simplify procedures and reduce compliance burdens, especially for smaller exporters and importers, while giving authorized dealer banks more responsibility in managing trade-related matters.
The updated rules have caused uncertainty among freelancers, content creators, and small service exporters about whether they must file additional export declarations for overseas payments. RBI governor Sanjay Malhotra clarified that individuals subscribing to foreign television channels, apps, journals, or newspapers are not included in the reporting requirements for personal contracts. The forthcoming FAQ is expected to provide further clarity on these points.
The RBI's clarification on the forex reporting rules is expected shortly, following deputy governor Rohit Jain's announcement at the press conference after the recent monetary policy decision, according to livemint.com.