Individuals spared from new FEMA reporting requirement: RBI clarifies

Individuals undertaking forex transactions for personal purposes will not be covered by the Reserve Bank of India’s (RBI) new FEMA reporting requirements, Governor Sanjay Malhotra clarified on Wednesday, as concerns grew among freelancers, content creators and small service exporters.

The RBI said it will soon issue a set of FAQs to clear the confusion surrounding the new trade regulations, notified in January and effective from October 1, 2026.

“Individuals are not required to report personal imports or exports, or personal earnings or spending in forex, while small exporters with bills up to ₹10 lakh can use self-declaration and an invoice,” Mr. Malhotra said in response to a reporter’s question.