• These regulations will supersede the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 and are set to take effect from October 1, 2026.

Key Provisions:
Reference: It has been mandated that all references to RBI must be routed via the Platform for Regulatory Application, Validation and Authorisation (PRAVAAH) portal, and any doubtful transactions must be reported to the Directorate of Enforcement(ED) under the Ministry of Finance(MoF).
Declaration of Exports: As per new rules, an exporter of goods is required to submit a declaration in the Export Declaration Form (EDF) to the specified authority.
Reporting Timelines: Authorized Dealer (AD) banks have been mandated to enter EDF details for goods exported through non-EDI ports into the Export Data Processing and Monitoring System (EDPMS) within 5 working days of receipt.
Norms for Service Exports & Imports: For service exports, RBI has mandated banks to upload exporter-submitted EDF details into EDMPS within 5 working days of receipt from the exporter.
Export Realization Timeline: The new rules have specified that the export proceeds must be realized and repatriated within 15 months of shipment or invoice, while exports invoiced and settled in Indian Rupees (INR) must be realized within 18 months.
Reporting of Remittances: As per new FEMA regulations, all inward and outward remittances linked to exports, imports, and merchanting trade transactions must be reported in EDPMS and/or IDPMS.
Monitoring by AD Banks: RBI has empowered the AD banks to monitor all transactions in EDPMS and IDPMS for closure of outstanding entries.