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- 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Q.1 Which form has been replaced by the unified Export Declaration Form (EDF) under the new FEMA regulations?a) GR Form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Answer: c) The SOFTEX (Software Export Declaration Form) has been replaced by a single unified EDF, simplifying reporting for services and software exporters.