How Can Seafood Exporters in India Receive International Payments in 2026?

• Ticket size: Seafood is usually sold by shipment, so one invoice often covers a full container or a part load. Invoice values depend on species, grade, quantity and price terms, and can vary widely between a trial order and a regular contract.
• Currencies: Buyers usually pay in a convertible currency such as USD, EUR, GBP or JPY. The FEMA (Manner of Receipt and Payment) Regulations, 2023 allow trade receipts from countries outside the Asian Clearing Union in INR or any foreign currency.
• Geography: Buyers include importers, distributors, processors and retail chains abroad. Trade with Nepal, Bhutan and other Asian Clearing Union members follows separate settlement rules in the same regulations.
• Payment methods: Buyers usually pay by bank transfer, either as an advance before shipment or after receiving the shipping documents. Some contracts use documentary collection or a letter of credit, where banks handle the documents and the payment.

1. 1Buyer's bankDeduction: A sending fee, if the buyer's bank charges one. On a SWIFT wire the buyer chooses who bears the charges, and some banks charge the sender.
2. 2Intermediary bankDeduction: A possible flat handling deduction. Correspondent banks that route a SWIFT wire can take their charge from the amount before it reaches India.
3. 3Buyer's claimsDeduction: A short payment for a quality or quantity claim, if the buyer raises one. A buyer may pay less than the invoice after a dispute, which leaves an outstanding amount against the shipping bill.
4. 4Your AD bankDeduction: A currency conversion margin and any inward, collection or document handling charges. The bank converts the foreign currency to INR at its own rate and may charge for handling export documents.
5. 5GST on chargesDeduction: GST on the fees your Indian bank or provider charges. Fees charged to you by an India-based bank or provider are usually billed with GST. Check the charge advice from your bank.
6. 6Your Indian bank accountDeduction: None. The INR credit arrives with an inward remittance record that the bank uses to close the shipping bill in EDPMS.

The table ranks platforms with full published pricing for USD by the INR received on USD 40,000, then lists other business platforms that accept USD, unranked. Fees were checked on 30 Sept 2026 or later.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹94.86 per USD for 3 Nov 2026.

• Payment terms: An advance or a letter of credit reduces the risk of a buyer not paying. Under Regulation 13, an exporter whose proceeds stay unrealised for over a year past the due date can export further only against full advance or an irrevocable letter of credit.
• Buyer claims: Quality and quantity claims are common in perishable trade. Regulation 6 lets your AD bank allow a reduction in export value for reasons it accepts, and on your declaration where the value is up to ₹10 lakh per shipping bill.
• Large shipments: Paragraph 11(d) of the RBI Master Direction on Payment Aggregators caps each inward transaction through a cross-border payment aggregator at ₹25 lakh. A container-value invoice above that cannot go through a cross-border payment aggregator as one transaction, so it usually goes by SWIFT wire or a bank-handled collection. See RBI PA-CB guidelines.
• Registration: MPEDA registers exporters of marine products under section 9(2)(h) of the MPEDA Act, 1972. Check that your registration is current, and ask your buyer about any import requirements in their country, before you agree payment terms.
• Advances: Regulation 10(1) requires an advance and the later export proceeds to go through the same AD bank, unless you tell both banks about a change. See advance payment against exports.

Seafood exporters in India need an IEC, a shipping bill with the EDF, EDPMS closure and an e-BRC for each shipment. Under the FEMA (Export and Import of Goods and Services) Regulations, 2026, in force from 1 October 2026, the full export value must be realised within nine months from the date of shipment.

• Shipping bill and EDF: Regulation 3(1) requires an EDF with the full export value at the time of export. At an EDI port, the EDF is deemed submitted as part of the shipping bill. See shipping bill and EDF form.
• Realisation: Proceeds are due within nine months from shipment, or twelve months if invoiced or settled in INR, after a September 2026 amendment. Your AD bank may extend the period. See export realisation period.
• EDPMS: Regulation 4(2) asks your AD bank to close the EDPMS entry when it credits the proceeds. Shipping bills up to ₹10 lakh can be closed on your declaration, including quarterly in bulk. See EDPMS closure.
• e-BRC: The DGFT eBRC FAQs describe the e-BRC as DGFT's confirmation that you received payment, generated by the exporter from bank data. The bulk generation guide allows purpose codes P0102, P0103, P0104 and P0109 for goods in bulk generation. See e-BRC on DGFT.
• IEC: Paragraph 2.05 of the Foreign Trade Policy 2023 makes an Importer-Exporter Code mandatory for any export activity. The IEC is the same as your PAN and is issued by DGFT. See how to apply for an IEC.
• AD code: Ask your AD bank for its AD code letter. Check with your bank or customs broker that the code is registered for each port you ship from, so your shipping bills are linked to that bank. See AD code registration.
• Purpose code and FIRA: FIRA is not a term defined in RBI regulations. Banks report receipts using the FETERS purpose code list. P0102 is "Realisation of export bills (in respect of goods) sent on collection (full invoice value), Other than Nepal and Bhutan". P0103 is "Advance receipts against export contracts, which will be covered later by GR/PP/SOFTEX/SDF, other than Nepal and Bhutan". See purpose code for export of goods.

Seafood exports are zero-rated for GST, and the profit is taxable income in India. Under IGST Act section 16, an export of goods is a zero-rated supply. You can ship under an LUT without IGST or, where allowed, pay IGST and claim a refund. Income tax follows the Income-tax Act, 2025 from tax year 2026-27.

• Zero-rating: IGST Act section 2(5) defines export of goods as taking goods out of India to a place outside India. Section 16(1)(a) treats an export of goods as a zero-rated supply.
• LUT route: Under CGST Rule 96A, you furnish an LUT in Form GST RFD-11 on the GST portal before export and ship without paying IGST. Section 16(3) then lets you claim a refund of unused input tax credit. See LUT filing on the GST portal.
• IGST route: If you pay IGST on the export, CGST Rule 96 treats the shipping bill as the refund application once the export manifest and a valid GSTR-3B are filed. Data in the shipping bill and GSTR-1 must match.
• Non-realisation: The proviso to IGST Act section 16(3) requires a goods exporter who got a refund of unused input tax credit under an LUT to deposit it with interest if proceeds are not realised within the FEMA time limit.
• Income tax: The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026. Presumptive schemes, including old section 44AD for business income, are consolidated in section 58. Check whether your turnover and business type qualify before using it.
• Withholding: If a buyer deducts any tax or charge from the payment, ask which rule it relies on and keep the certificate. A credit in India depends on the treaty with that country and the Indian rules for the relevant tax year.

Rules and rails are linked to official sources below with the dates they were checked. Platform figures come from each platform's own pages, checked on 30 Sept 2026 or later, and RBI authorisation was checked against RBI's published list. Rates are XE live mid-market rates, dated 3 Nov 2026. The method is on the methodology page.

1. Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification No. FEMA 23(R)/2026-RB (amended up to 22 September 2026), Reg 1(2) in force 1 Oct 2026; 3(1) EDF for goods at time of export, deemed part of shipping bill at EDI port; 4(2) EDPMS closure, up to ₹10 lakh on declaration or quarterly bulk; 5(1) nine months from date of shipment, twelve if invoiced/settled in INR, AD may extend; 6 reduction in realisation; 10(1) advance through same AD; 13 unrealised exports beyond one year: full advance or irrevocable LC; Caution List proviso (checked 8 Oct 2026)
2. Foreign Exchange Management (Export and Import of Goods and Services) (Amendment) Regulations, 2026 (22 September 2026), Regulation 5(1): 'fifteen months' replaced by 'nine months'; 'eighteen months' replaced by 'twelve months'; proviso added to Regulation 13 (checked 8 Oct 2026)
3. RBI A.P. (DIR Series) Circular No. 20 (16 January 2026), Para 4 and 7: Master Directions on Export and Import of Goods and Services and listed circulars superseded from 1 October 2026 (checked 8 Oct 2026)
4. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Regulation 3(2)(I)(a): trade transactions with Nepal, Bhutan and ACU members; other countries in INR or any foreign currency (checked 8 Oct 2026)
5. RBI Master Direction on Regulation of Payment Aggregator (PA) (15 September 2025), Para 11(d): maximum value per inward or outward transaction processed by a PA-CB is ₹25 lakh (checked 8 Oct 2026)
6. RBI circular: Guidelines to facilitate faster cross-border inward payments (9 April 2026), Para 3: banks shall endeavour to credit inward payments received during forex market hours within the same business day; para 4: effective six months from the circular date (checked 8 Oct 2026)
7. RBI: Purpose codes for reporting under FETERS (annex to A.P. (DIR Series) Circular No. 84), Group 01 Exports (of Goods): P0101 "Value of export bills negotiated / purchased/discounted etc. (covered under GR/PP/SOFTEX/EC copy of shipping bills etc.), Other than Nepal and Bhutan"; P0102 "Realisation of export bills (in respect of goods) sent on collection (full invoice value), Other than Nepal and Bhutan"; P0103 "Advance receipts against export contracts, which will be covered later by GR/PP/SOFTEX/SDF, other than Nepal and Bhutan" (checked 8 Oct 2026)
8. RBI A.P. (DIR Series) Circular No. 84: Compilation of R-Returns, Reporting under FETERS (29 February 2012), Para 3: AD banks report all foreign exchange transactions as per the revised purpose code list (checked 8 Oct 2026)
9. Integrated Goods and Services Tax Act, 2017, section 2 (CBIC), Section 2(5): 'export of goods' means taking goods out of India to a place outside India (checked 8 Oct 2026)
10. Integrated Goods and Services Tax Act, 2017, section 16 (CBIC), Section 16(1)(a): export of goods is a zero rated supply; 16(3) and proviso: deposit refund with interest within thirty days after the FEMA time limit on non-realisation (checked 8 Oct 2026)
11. Central Goods and Services Tax Rules, 2017, Rule 96A (CBIC), Rule 96A(1): bond or Letter of Undertaking in FORM GST RFD-11 furnished prior to export for export without payment of integrated tax (checked 8 Oct 2026)
12. Central Goods and Services Tax Rules, 2017, Rule 96 (CBIC), Rule 96(1): shipping bill deemed to be an application for refund of IGST paid on exported goods once export manifest and valid GSTR-3B are filed; mismatch between shipping bill and GSTR-1 (checked 8 Oct 2026)
13. GST Portal user manual: Furnishing of Letter of Undertaking (FORM GST RFD-11), Filing of LUT for export of goods or services on the GST Portal (checked 8 Oct 2026)
14. Income Tax Department: Objective and scope of the new Act (Income-tax Act, 2025), 1961 Act repealed on 01.04.2026; FAQ 25: presumptive schemes in sections 44AD, 44ADA and 44AE consolidated into section 58 (checked 8 Oct 2026)
15. DGFT: Foreign Trade Policy 2023, Chapter 2, Para 2.05: IEC is a 10-character number, mandatory for undertaking any export/import activities, same as PAN, issued by DGFT (checked 8 Oct 2026)
16. DGFT: Exporter User Guide on Bulk Generation of eBRC, Page 9: for goods, purpose codes P0102, P0103, P0104, P0109 allowed (checked 8 Oct 2026)
17. DGFT: FAQs on Self-Generation of eBRC (March 2024), FAQ 1: eBRC issued by DGFT as confirmation that the exporter has received payment; FAQ 64: onus of generating eBRC shifted to exporters; banks report IRM as per the purpose code list (checked 8 Oct 2026)
18. Marine Products Export Development Authority (MPEDA): Registration, Registration of exporters is a statutory function under section 9(2)(b) and (h) of the MPEDA Act 1972, read with rules 40-42 of the MPEDA Rules, 1972; categories include Manufacturer Exporter and Merchant (checked 8 Oct 2026)
19. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
20. Razorpay MoneySaver Export Account (International Bank Transfers) pricing, Standard Plan: 0% FX markup, 1% fee, FlashLinks 2%, GST applicable, flat fee of INR 1,000 on transactions below INR 1,00,000, setup and AMC INR 0 (checked 6 Oct 2026)
21. Kotak Everyday Savings Account fees and charges, Foreign Inward Remittance certificate (Branch Request) INR 100/Request; GST on Foreign Currency Conversion; fees exclusive of GST (checked 6 Oct 2026)
22. Wise India: Fees for receiving money (Business), Conversion fee depends on the currency; eFIRC for every transfer; GST 18% of (conversion fee + eFIRC fee); calculator (checked 6 Oct 2026)
23. HDFC Bank: Remittance Services Fees & Charges, Inward Remittance Charge: No Charge; FIRC Charge for Inward Remittance & FCY Cheque Collection INR 200 per FIRC; GST slabs on amount of currency exchanged (checked 6 Oct 2026)
24. Stripe India pricing, International cards with USD/other currency presentment 4.3% + 2% if currency conversion is required; Mastercard and Visa cards issued outside India 3% + 2%; American Express outside India 3.5% + 2%; dispute received INR 1,000.00 (checked 7 Oct 2026)
25. PayPal India Merchant Fees, Receiving international transactions; Currency Conversions (3.0% converting balance and payments received; 4.00% all other cases); Withdrawals Out of PayPal; Dispute Fees; Other Fees (Last Updated 28 March 2024) (checked 6 Oct 2026)
26. Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)