RBI Issues New FEMA Rules Effective Oct 2026

Current Context: On January 13, 2026, the Reserve Bank of India (RBI) notified the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026.

• These will supersede the 2015 regulations from October 1, 2026, introducing a principle-based framework.
• Export proceeds must be realized and repatriated within 15 months; for Indian Rupee (INR)-invoiced trade, the period is 18 months.
• A unified Export Declaration Form (EDF) replaces the SOFTEX (Software Export Declaration Form), allowing consolidated monthly filing for services/software.
• For transactions up to ₹10 lakh, Authorized Dealer (AD) banks can close entries in Export Data Processing and Monitoring System (EDPMS) / Import Data Processing and Monitoring System (IDPMS) based on exporter/importer declarations.
• Import payments will now follow contract terms instead of a rigid six-month rule, subject to AD bank verification.
• Overall, the new FEMA rules aim to simplify compliance and empower AD banks to support small exporters/importers efficiently.

Question:

Q.1 Which form has been replaced by the unified Export Declaration Form (EDF) under the new FEMA regulations?
a) GR Form
b) SDF Form
c) SOFTEX Form
d) Bill of Entry

Answer: c) The SOFTEX (Software Export Declaration Form) has been replaced by a single unified EDF, simplifying reporting for services and software exporters.