Individuals exempt from reporting under new FEMA trade rules, RBI says

The Reserve Bank of India has clarified that individuals undertaking personal foreign exchange transactions will be exempt from compliance with newly imposed trade regulations. RBI Governor Sanjay Malhorita confirmed that routine payments for services and subscriptions fall outside the reporting requirements.

Smaller export transactions valued up to ₹10 lakh may rely on self-declarations rather than formal reporting. The exemptions are aimed at reducing the compliance burden on individuals engaging in personal forex contracts while maintaining oversight on larger commercial transactions.