RBI’s New FEMA Rules: What Freelancers and IT Exporters Need to Know
RBI’s new FEMA framework brings service and software exports under a common Export Declaration Form system from October 1, creating new reporting requirements for freelancers, consultants and IT firms.
From October 1, 2026, the Reserve Bank of India’s new Foreign Exchange Management (Export and Import of Goods and Services) Regulations bring service and software exports under a common Export Declaration Form (EDF) framework. The rules replace the earlier export regulations and introduce a unified reporting system for cross-border services.
For freelancers, consultants, online professionals and IT companies, this means overseas service invoices now come with an additional foreign-exchange reporting requirement. A service exporter generally has to submit an EDF within 30 days from the end of the month in which the invoice is raised. A single EDF can cover multiple overseas recipients during the month. For services other than software, the EDF can also be submitted on or before receipt of payment.
The declaration is routed through the relevant authorised dealer bank, while software exporters can also use STPI or SEZ authorities. Transactions are monitored through the RBI’s EDPMS system.
Another important change concerns payment realisation. Export proceeds for services must generally be realised and repatriated within nine months from the invoice date under the rules effective October 1. For exports invoiced or settled in Indian rupees, the period is 12 months.
For invoices up to Rs 10 lakh, authorised dealer banks can close EDPMS entries based on a declaration of receipt, with quarterly declarations permitted for bulk closure.
For freelancers and small exporters, the practical takeaway is simple: keep invoices, payment records and EDF filings properly matched. Cross-border freelancing now has one more form in the family.
