Summary
- Starting 1 October 2026, the RBI will implement new Export Declaration Form (EDF) rules for service exports, replacing the SOFTEX mechanism for software.
- Service exporters must submit an EDF within 30 days of invoicing, covering all clients for the month, with provisions for payment-date relief for non-software services.
- Export proceeds must be realised and repatriated within nine months, with penalties for non-compliance potentially reaching three times the amount involved.
- This shift aims to streamline compliance under FEMA, urging exporters to maintain proper records and timely submissions to avoid complications.
Join the discussion ā sign up to comment, upvote, and save articles.