# RBI exempts individuals from new forex reporting rules

> The Reserve Bank of India clarifies that personal cross-border payments and small service exports are exempt from stricter FEMA reporting requirements that took effect in October.
- Title: RBI exempts individuals from new forex reporting rules
- Summary: The Reserve Bank of India clarifies that personal cross-border payments and small service exports are exempt from stricter FEMA reporting requirements that…
- Keywords: reserve bank of india, fema reporting, forex transactions, sanjay malhotra, freelancers, cross-border payments, news, politics, RBI, exempts, individuals, forex
- Source: The Hindu — https://thehindu.com/business/Economy/individuals-spared-from-new-fema-reporting-requirement-rbi-clarifies/article71556019.ece
- Author: Lalatendu Mishra
- Published: 2026-10-07T13:55:28+00:00
- Read time: 1 min
- Topics: reserve bank of india, fema reporting, forex transactions, sanjay malhotra, freelancers, cross-border payments, news, politics
## RBI exempts personal forex from reporting
Reserve Bank of India Governor Sanjay Malhotra clarified on Wednesday that individuals undertaking forex transactions for personal purposes will not be covered by new FEMA reporting requirements.
## What counts as personal transactions
Personal imports, exports, earnings and spending in forex are exempt. This includes payments for subscriptions to television channels, apps, journals or newspapers, and payments for services like tutoring or small software work.
## Small exporters get simplified route
Small exporters with bills up to ten lakh rupees can use self-declaration and an invoice instead of detailed reporting. The ten lakh rupee threshold applies per bill, not annually, Malhotra said.

> small exporters with bills up to ₹10 lakh can use self-declaration and an invoice
## Banks handle reporting on behalf of individuals
Individual exporters and importers will not file reports directly on the Import Data Processing and Monitoring System. Banks and authorised dealers will undertake the reporting on their behalf.
## RBI to issue FAQs to clear confusion
The Reserve Bank of India said it will soon issue a set of frequently asked questions to clear confusion surrounding the new trade regulations, notified in January and effective from October first, twenty twenty-six.
## Key takeaway

RBI Governor Sanjay Malhotra exempted individuals from new FEMA reporting rules for personal forex transactions, easing concerns among freelancers and small service exporters.