RBI clarifies freelancers must report overseas earnings monthly

The Reserve Bank of India has clarified that individuals are not required to report imports or export earnings under the unified Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, effective from 1 October. Deputy Governor Rohit Jain said on Wednesday, 7 October, that the rules address a misunderstanding and that FAQs will be published soon. However, for service exporters including freelancers, consultants, content creators and influencers earning from overseas clients, a new monthly Export Declaration Form (EDF) must now be filed with their bank within 30 days of the month-end when invoices were raised.

For invoices up to Rs 10 lakh, a self-declaration to the bank is sufficient. Earnings must be brought into India within nine months of the invoice date, or twelve months if billed in rupees. Governor Sanjay Malhotra said reporting is managed by banks and authorised dealers, not by exporters or importers, and that the change is not a major burden. The new framework brings service exports on par with merchandise reporting, and the RBI expects its FAQ to resolve remaining confusion. Banks can extend the realisation period for genuine delays.