What is RBI?
The Reserve Bank of India is the country's central bank. Alongside monetary policy and banking supervision, it manages foreign exchange under FEMA. For exporters, RBI writes the rules on how exports are declared and how export proceeds must come back to India, and it runs the systems, such as EDPMS, that track those exports.
Why it matters for exporters
RBI issued two key documents for the current regime. The first is the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (Notification No. FEMA 23(R)/2026-RB dated 13 January 2026), in force from 1 October 2026. The EDF is the form in its Annex. The second is the Reserve Bank of India (Export and Import of Goods and Services) Directions, 2026, addressed to AD banks. RBI amended some provisions on 22 September 2026, before the start date, so always check the current text.
RBI also signals policy outside formal notifications. On 7 October 2026, at the policy press conference, the Governor said individuals providing services abroad are not required to report, and RBI said FAQs would follow. Until the regulations or FAQs reflect this, individuals should check with their bank, while firms, LLPs and companies should assume they are covered. You can read the regulation on the >RBI website.
Example
Asha, a proprietor running a design studio, hears that "RBI said individuals need not file". She checks: the statement was about individuals on personal contracts, the regulations have not changed yet, and FAQs are awaited. As a proprietorship invoicing ₹3,40,000 a month, she continues filing EDFs with her bank.
Common confusion
RBI makes the rules, but you deal with your AD bank, not RBI, for EDF submission. Bank processes vary because each bank publishes its own policy. See RBI FAQs on EDF for what to watch.