What Are the Recent RBI and DGFT Changes Exporters Must Know in 2026?
- Author:
- Manoj Sharma
- Verified by:
- Editorial team
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Short answer
The biggest RBI change for exporters in 2026 is the new FEMA Export and Import of Goods and Services Regulations, in force from 1 October 2026. The realisation period stays at nine months. The EDF now covers software and services. DGFT extended RoDTEP to 31 December 2026 and removed RCMC for consignments up to ₹3 lakh.
| Applies to | Governed by | Deadline | Penalty | Last verified |
|---|---|---|---|---|
| All exporters of goods, software and services from India, including freelancers and small businesses paid from abroad | FEMA (Export and Import of Goods and Services) Regulations, 2026; RBI A.P. (DIR Series) Circular No. 20 of 16 January 2026; Foreign Trade Policy 2023 as amended by DGFT notifications | New RBI framework effective 1 October 2026; RoDTEP continues up to 31 December 2026; service EDF due within 30 days of the end of the invoice month | Not applicable as a single figure; unrealised exports beyond one year after the due date restrict further exports to full advance or an irrevocable letter of credit (Regulation 13) | 8 Oct 2026 |
What changed in RBI and DGFT rules for exporters in 2026?
In 2026 RBI replaced its export rulebook with new FEMA regulations effective 1 October 2026, and twice reset the realisation period before landing at nine months. DGFT made a series of Foreign Trade Policy amendments that ease compliance for small and courier exporters and extended RoDTEP.
- New regulations: The FEMA (Export and Import of Goods and Services) Regulations, 2026 came into force on 1 October 2026 and replaced the 2015 export regulations.
- Old directions: A.P. (DIR Series) Circular No. 20 superseded the Master Directions on Export and on Import of Goods and Services, and a long list of older circulars, from the same date.
- Realisation period: Nine months for most exports and twelve months for rupee-invoiced trade, set by the 22 September 2026 amendment before the new rules took effect.
- EDF for services: Exporters of services and software declare exports in the Export Declaration Form within 30 days from the end of the invoice month (Regulation 3(2)).
- Small invoices: EDPMS entries for invoices up to ₹10 lakh can be closed on the exporter's declaration, including quarterly in bulk (Regulation 4(2)).
- Inward credit: Banks must tell customers about inward cross-border payments immediately and aim for same-day credit under RBI's 9 April 2026 circular on faster inward payments, effective six months from its date.
- DGFT relief: RoDTEP was extended to 31 December 2026, RCMC was waived for consignments up to ₹3 lakh FOB, and the courier value cap was removed from 1 April 2026.
Most of these changes reduce paperwork for small exporters, while the realisation clock and EDF filing remain the two obligations to diarise.
Who do the 2026 RBI and DGFT changes for exporters apply to?
The RBI changes apply to every exporter of goods, software and services, because the 2026 regulations treat software as a service and use one framework for all. The DGFT changes mostly affect goods exporters, especially those shipping by courier or post, claiming RoDTEP, or seeking status holder recognition.
| Entity type | Applicable | Why | Best for |
|---|---|---|---|
| Freelancer or consultant exporting services | Yes, RBI changes | Services are covered by the EDF and realisation rules in Regulations 3 and 5 | Individuals invoicing foreign clients |
| Software or IT services company | Yes, RBI changes | Software is included in services, and the SOFTEX circulars were superseded by Circular No. 20 | Firms that used to file SOFTEX |
| Small goods exporter using courier or post | Yes, RBI and DGFT changes | No courier value cap from 1 April 2026 (Notification 67/2025-26) and no RCMC up to ₹3 lakh FOB (Notification 36/2026-27) | Low-value and ecommerce shippers |
| Goods exporter claiming RoDTEP | Yes, DGFT changes | RoDTEP continues at existing rates up to 31 December 2026 (Notification 41/2026-27) | Manufacturers and merchant exporters |
| Exporter seeking One Star Export House status | Yes, DGFT change | Export performance in any two of the three preceding years is enough, except Gems and Jewellery (Notification 33/2026-27) | Growing exporters near the status threshold |
| Exporter invoicing or settling in rupees | Yes, RBI changes | Twelve-month realisation period (Regulation 5(1)) and consolidated SRVA rules (Circular No. 19 of 17 July 2026) | Trade settled through rupee vostro accounts |
How do the 2026 RBI and DGFT changes affect day-to-day export compliance?
The 2026 changes move most decisions to your AD bank and cut paperwork for small transactions. Day to day, you still declare each export, realise payment on time and close the EDPMS entry, but the forms, thresholds and bank processes have changed.
- Check which rules apply by date. Transactions from 1 October 2026 follow the 2026 regulations; your AD bank now handles older cases that once needed RBI approval (Regulation 20).
- For services and software, file the EDF within 30 days from the end of the invoice month. You may file a single EDF for all of a month's invoices (Regulation 3(2)). See EDF form for exports.
- Track each invoice or shipment against the nine-month realisation period, or twelve months for rupee trade (Regulation 5). See export realisation period.
- For invoices up to ₹10 lakh, give your AD bank a realisation declaration, singly or quarterly in bulk, to close EDPMS entries (Regulation 4(2)).
- Read the main features of your AD bank's export policy and SOP on its website. The policy must list documents, timelines and charges for each process (Regulation 19).
- For goods, confirm your RoDTEP claims, RCMC needs and courier limits against the latest DGFT notifications.
What happened to the SOFTEX form after 1 October 2026?
RBI's SOFTEX circulars, including the 2012 simplification circulars and the 2015 bulk SOFTEX circular, are listed as superseded in the Annex to A.P. (DIR Series) Circular No. 20 from 1 October 2026. Software exports are now declared in the EDF, which the regulations define as the form for goods and services (Regulation 2(1)(c)).
- For software, the specified authority is an AD bank or STPI in the DTA, or the SEZ Development Commissioner in an SEZ (Regulation 2(1)(f)).
- For the history and old process, see SOFTEX form filing.
Why did the export realisation period change three times between 2025 and 2026?
RBI raised the period from nine to fifteen months on 13 November 2025, cut it back to nine months under the old rules on 5 June 2026, and on 22 September 2026 changed the new regulations from fifteen to nine months before they took effect. RBI's notifications do not state reasons.
- The rupee-trade period in the new regulations went from eighteen to twelve months in the same September amendment.
What do AD banks now decide instead of RBI?
Under the 2026 regulations, AD banks decide extensions of the realisation period, reductions in export value, set-off against import payables and third-party receipts, each after being satisfied of the reasons (Regulations 5 to 8). Banks must send any references to RBI through the PRAVAAH portal (Circular No. 20, para 3).
- An AD bank cannot levy charges or penalties on an exporter for the exporter's own regulatory delay (Regulation 19(3)).
What are the key dates in the 2026 RBI and DGFT change log for exporters?
The table below lists the main changes in date order, from the November 2025 extension that set the stage to the October 2026 start of the new regime. Commodity-specific DGFT policy changes, such as those for wheat, rice and sugar, are left out.
| Date | Change | Issued by | Applies to | Best for |
|---|---|---|---|---|
| 13 Nov 2025 | Realisation period raised to 15 months and shipment against advance to three years under the 2015 rules | RBI | All exporters | Reading invoices raised in late 2025 |
| 13 Jan 2026 | New FEMA export and import regulations notified, effective 1 October 2026 | RBI | All exporters and importers | Understanding the new framework |
| 16 Jan 2026 | Circular No. 20 supersedes Master Directions and listed circulars from 1 October 2026 | RBI | AD banks and their customers | Checking which old rules lapsed |
| 27 Mar 2026 | Per-consignment courier value limit removed from 1 April 2026 (earlier ₹10 lakh) | DGFT | Courier and postal exporters | Small goods sellers |
| 31 Mar 2026 | RoDTEP continued from 1 April to 30 September 2026 at unchanged rates | DGFT | RoDTEP claimants | Goods exporters |
| 7 Apr 2026 | Same invoice number required on Certificates of Origin and shipping bills | DGFT | Exporters using Certificates of Origin | FTA preference claimants |
| 9 Apr 2026 | Faster crediting of inward cross-border payments, effective after six months | RBI | Scheduled commercial banks | Anyone waiting on foreign payments |
| 5 Jun 2026 | Realisation period cut back to nine months under the 2015 rules | RBI | All exporters | Exports between June and September 2026 |
| 17 Jul 2026 | Special Rupee Vostro Account rules consolidated | RBI | Rupee trade settlements | Exporters invoicing in INR |
| 5 Aug 2026 | Inventory-based cross-border ecommerce export framework added to the FTP | DGFT | Exporter-on-Record entities and their sellers | Ecommerce goods exporters |
| 21 Aug 2026 | One Star Export House on two of three years of export performance | DGFT | Status holder applicants | Growing exporters |
| 15 Sep 2026 | No RCMC needed up to ₹3,00,000 FOB per consignment | DGFT | Low-value exporters | Postal and courier shippers |
| 22 Sep 2026 | New regulations amended: nine and twelve months, caution list proviso, AD bank powers | RBI | All exporters | Anyone who read about a 15-month rule |
| 30 Sep 2026 | RoDTEP continued to 31 December 2026 | DGFT | RoDTEP claimants | Goods exporters |
| 1 Oct 2026 | New RBI regulations and Circular No. 20 take effect | RBI | All exporters | Every transaction from this date |
What happens if an exporter ignores the 2026 RBI and DGFT changes?
An exporter who keeps following the superseded rules risks missing the nine-month realisation deadline, filing the wrong form or missing an EDF deadline. Long-unrealised exports carry trade restrictions under the new regulations, and goods exporters can lose incentives or face shipment delays.
- Advance only: If proceeds stay unrealised beyond one year from the due or extended date, further exports are allowed only against full advance or an irrevocable letter of credit (Regulation 13).
- Caution list: Exporters on RBI's caution list on 30 September 2026 stay under that order until removed (proviso to Regulation 13). See RBI exporter caution list.
- Late EDF: An EDF filed after 30 days from the end of the invoice month needs the AD bank to extend the period on a reasoned request (Regulation 3(2)(c)).
- Wrong period: Relying on the 15-month period can leave invoices overdue, because the period in force from 1 October 2026 is nine months (Regulation 5(1)).
- Lost incentives: RoDTEP is currently notified only up to 31 December 2026 (Notification 41/2026-27); later exports depend on a further DGFT notification.
Speak to your AD bank about any invoice that is near or past its due date and ask for an extension or reduction with supporting reasons. File any missed monthly EDF with a request for extension. For a wider view, see new FEMA export and import regulations and the monthly RBI circular tracker.
Which RBI rules and DGFT notifications set out the 2026 changes for exporters?
The RBI changes rest on Notification FEMA 23(R)/2026-RB, its 22 September 2026 amendment and A.P. (DIR Series) Circular No. 20. The DGFT changes are amendments to the Foreign Trade Policy 2023 made by numbered notifications under section 5 of the Foreign Trade (Development and Regulation) Act, 1992.
| Circular or regulation | Clause | Date | Plain meaning | Best for |
|---|---|---|---|---|
| FEMA (Export and Import of Goods and Services) Regulations, 2026, FEMA 23(R)/2026-RB | Regulations 3 to 20 | 13 January 2026; in force 1 October 2026 | One framework for goods, software and services exports | Every exporter |
| Amendment Regulations, 2026, FEMA 23(R)/(1)/2026-RB | Regulation 5(1), proviso to 13, new 20 | 22 September 2026; Gazette 24 September 2026 | Nine and twelve months; caution list carried over; AD banks handle older cases | Exporters with invoices from before October |
| A.P. (DIR Series) Circular No. 20, RBI/2025-26/194 | Paras 3, 4 and Annex | 16 January 2026; effective 1 October 2026 | Master Directions, SOFTEX and listed circulars superseded | Checking whether an old rule still applies |
| Guidelines to facilitate faster cross-border inward payments, RBI/2026-27/08 | Paras 3 and 4 | 9 April 2026; effective six months later | Prompt intimation and same or next business day credit | Freelancers and exporters awaiting credits |
| A.P. (DIR Series) Circular No. 19, RBI/2026-27/203 | Paras 2 to 7 | 17 July 2026 | Consolidated Special Rupee Vostro Account rules | Exporters settling in rupees; see Special Rupee Vostro Accounts |
| DGFT Notification 36/2026-27 | FTP para 2.57(c) | 15 September 2026 | No RCMC for consignments up to ₹3,00,000 FOB | Postal and courier exporters |
| DGFT Notification 41/2026-27 | RoDTEP scheme | 30 September 2026 | RoDTEP continues to 31 December 2026 at unchanged rates | RoDTEP claimants; see RoDTEP scheme |
| DGFT Notification 33/2026-27 | FTP para 1.25(d) | 21 August 2026 | One Star Export House on two of three years | Status applicants; see DGFT status holder |
| DGFT Notification 67/2025-26 | FTP para 9.05 | 27 March 2026; effective 1 April 2026 | No value cap per courier consignment | Courier exporters; see ecommerce exports |
What are the common mistakes exporters make with the 2026 RBI and DGFT changes?
- Old 15 months: Planning collections around the fifteen-month period, which RBI removed before the new rules took effect.
- Still on SOFTEX: Preparing SOFTEX forms for software exports after 1 October 2026 instead of the monthly EDF.
- Missed EDF: Assuming freelancers or small agencies need no EDF, when Regulation 3(2) covers every exporter of services.
- Old directions: Quoting the superseded Master Direction to a bank, which now follows the 2026 regulations and its own SOP.
- No declaration: Leaving small invoices open in EDPMS instead of using the ₹10 lakh declaration route under Regulation 4(2).
- RoDTEP dates: Assuming RoDTEP runs indefinitely, when the current notification ends on 31 December 2026.
How did we verify this?
Every rule, deadline and form on this page is linked to its official source, checked on the dates below.
- Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification FEMA 23(R)/2026-RB dated 13 January 2026, amended up to 22 September 2026, Regulations 1 to 20 (checked 8 Oct 2026)
- Foreign Exchange Management (Export and Import of Goods and Services) (Amendment) Regulations, 2026, FEMA 23(R)/(1)/2026-RB, 22 September 2026, Paras 2 to 4 (Regulation 5(1), proviso to Regulation 13, new Regulation 20) (checked 8 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 20, RBI/2025-26/194: Export and Import of Goods and Services, 16 January 2026, Paras 3, 4 and 7; Annex A items 9, 54, 58, 60, 83 and 90 (checked 8 Oct 2026)
- Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026, FEMA 23(R)/(8)/2026-RB, 5 June 2026, Para 2, Regulation 9 of the 2015 regulations (checked 8 Oct 2026)
- Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025, FEMA 23(R)/(7)/2025-RB, 13 November 2025, Paras 2 and 3, Regulations 9 and 15 of the 2015 regulations (checked 8 Oct 2026)
- RBI circular RBI/2026-27/08: Guidelines to facilitate faster cross-border inward payments, 9 April 2026, Paras 3 and 4 (checked 8 Oct 2026)
- RBI A.P. (DIR Series) Circular No. 19, RBI/2026-27/203: Special Rupee Vostro Accounts, 17 July 2026, Paras 2 to 8 (checked 8 Oct 2026)
- DGFT Notification No. 41/2026-27: Continuation of RoDTEP Scheme till 31 December 2026, 30 September 2026, Paras 1 to 3 (checked 8 Oct 2026)
- DGFT Notification No. 74/2025-26: Continuation of RoDTEP Scheme beyond 31 March 2026, 31 March 2026 (checked 8 Oct 2026)
- DGFT Notification No. 36/2026-27: De minimis exemption from RCMC requirements for low-value exports, 15 September 2026, FTP para 2.57(c) (checked 8 Oct 2026)
- DGFT Notification No. 33/2026-27: Amendment in Para 1.25 of the Foreign Trade Policy, 2023, 21 August 2026, FTP para 1.25(d) proviso (checked 8 Oct 2026)
- DGFT Notification No. 27/2026-27: Inventory-based Cross-border E-Commerce Export Framework, 5 August 2026, FTP paras 9.13 to 9.19 (checked 8 Oct 2026)
- DGFT Notification No. 05/2026-27: Amendments to Para 2.62 of Foreign Trade Policy 2023, 7 April 2026, FTP para 2.62(a)(iii) (checked 8 Oct 2026)
- DGFT Notification No. 67/2025-26: Amendment in Para 9.05 of FTP 2023 to remove per-consignment value limit for courier exports, 27 March 2026, FTP para 9.05; effective 1 April 2026 (checked 8 Oct 2026)
- DGFT notifications listing (checked 8 Oct 2026)
Frequently asked questions
Is the SOFTEX form still required for software exports in 2026?
From 1 October 2026 RBI's SOFTEX circulars stand superseded under A.P. (DIR Series) Circular No. 20. Software exporters now declare exports in the Export Declaration Form within 30 days from the end of the invoice month. An AD bank or STPI in the DTA, or the SEZ Development Commissioner, is the specified authority.
Do the FEMA 2026 regulations apply to freelancers who export services?
Yes. The FEMA Export and Import of Goods and Services Regulations, 2026 apply to every exporter of services, with no exemption for individuals. A freelancer files the EDF, realises payment within nine months of invoice and lets the AD bank close the EDPMS entry. Small invoices up to ₹10 lakh can be closed on declaration.
What does the RCMC exemption for low-value exports in DGFT Notification 36/2026-27 cover?
DGFT Notification 36/2026-27 of 15 September 2026 added para 2.57(c) to the Foreign Trade Policy. A Registration-cum-Membership Certificate or Certificate of Registration is not needed for an export consignment with an FOB value up to ₹3,00,000. Consignments above that value still need an RCMC wherever the policy requires one.
Until when does the RoDTEP scheme apply after DGFT's September 2026 notification?
DGFT Notification 41/2026-27 of 30 September 2026 continues the RoDTEP scheme up to 31 December 2026. It covers exports by DTA units, Advance Authorisation holders, SEZ units and EOUs. Rates and value caps in Appendix 4R and 4RE as on 30 September 2026 continue unchanged during that period.
How does RBI's April 2026 circular on faster cross-border inward payments help exporters?
RBI's circular of 9 April 2026 tells banks to inform customers of inward cross-border payments immediately on receipt. Banks should reconcile nostro accounts at intervals normally not exceeding one hour. They should try to credit payments received in market hours the same business day. The directions take effect six months from the circular date.
Which realisation period applies to invoices raised before 1 October 2026 under the 2015 regulations?
The 2015 regulations set nine months, raised to fifteen months by the amendment dated 13 November 2025 and cut back to nine months by the amendment dated 5 June 2026. RBI's notifications do not spell out how each change applies to invoices already raised. Check with your AD bank which due date it has recorded in EDPMS.
Is e-BRC affected by RBI Circular No. 20 of January 2026?
The Annex to A.P. (DIR Series) Circular No. 20 lists the September 2017 RBI circular on issuing electronic Bank Realisation Certificates through EDPMS among those superseded from 1 October 2026. Exporters who rely on e-BRCs should ask their AD bank about current practice and check DGFT's e-BRC system before relying on an older process.