Exclusive: RBI Clarifies New FEMA Rules, Says Individuals Need Not Report Personal Transactions

The Reserve Bank of India has clarified key concerns around the new FEMA trade regulations that came into effect on October 1. Speaking to Business Today, RBI officials said individuals are not required to report personal import or export transactions, irrespective of the amount, addressing confusion around the new export declaration requirements. The clarification is especially relevant for freelancers, content creators and individuals providing services abroad. RBI also said small exporters can use self-declaration for shipments up to ₹10 lakh per bill. Importantly, reporting on the IEDPMS platform is handled by banks and authorised dealers, not individual exporters or importers.