As per the RBI’s new EDF mandate, effective October 1, 2026, all service exporters are required to file the form declaring the value of each export transaction within 30 days of the end of the month in which the invoice was issued.
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While individual service exporters are exempt from the requirements, on the ground level there continue to be concerns about banks asking individuals to file the forms and asking for documentation from before October 1, 2026, when the new rules come into force.
Concerns have been raised over the additional compliance burden to individuals such as freelancers, content creators and service providers as well as small exporters.
Earlier, RBI Deputy Governor Rohit Jain had said that the whole intent of bringing these new trade regulations has been to liberalise the handling of trade matters by authorised dealers, simplify the processes, and promote ease of doing business.
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“And service exports and imports have been included for reporting purposes now. But the individuals are not included with respect to the reporting requirements for the contracts of a personal nature," he had said.
RBI Governor Sanjay Malhotra had also said that individuals would be exempt from the reporting requirements.