RBI Clarifies Foreign Exchange Rules for Freelancers and Small Exporters

8 Oct 2026, 1:20 pm · 3h ago · 1 min read · Inc42

Reserve Bank of India Governor Sanjay Malhotra clarified reporting requirements under the Foreign Exchange Management Regulations, easing compliance concerns for freelancers, digital creators, and small service exporters. Malhotra confirmed that personal cross-border transactions, such as subscription payments, small overseas software assignments, and foreign tutoring earnings, do not require direct filing. Authorized dealers and banks will manage reporting, while exporters can use self-declaration for invoices under ₹10 lakh per bill. Established software-as-a-service startups will face mostly procedural changes. The unified framework took effect in October, streamlining cross-border payments without burdening micro-exporters.