New FEMA rules: RBI clarifies what freelancers and small exporters need to report; FAQs to be released soon

The Reserve Bank of India (RBI) has clarified reporting rules under the new Foreign Exchange Management Act (FEMA) trade regulations effective 1 October. Individuals are not required to report personal imports or exports, while small exporters with bills up to ₹10 lakh can use self-declaration and an invoice.