EXPORT AND IMPORT OF GOODS AND SERVICES

NEW DELHI, Jan. 16 -- The Government of India issued the following FEMA circular:

RBI/2025-26/194

A.P. (DIR Series) Circular No. 20

January 16, 2026

All Authorised Dealers,

Madam / Sir,

Export and Import of Goods and Services

The Reserve Bank has comprehensively reviewed the regulations and directions governing export and import of goods and services, under FEMA, 1999, in consultation with stakeholders, and issued Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The Regulations are intended to promote ease of doing business, especially for small exporters and importers, and to empower authorised dealers to provide quicker and more efficient service to their customers. The Regulations will be effective from October 01, 2026. Accordingly, the instructions contained in these directions will also be effective from the said date.

2. In exercise of the powers conferred under the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby directs that authorised dealers shall ensure adherence to Foreign Exchange Management Act, 1999 (FEMA), and rules, regulations & directions issued under FEMA, and extant Foreign Trade Policy issued by the Government of India, while handling transactions related to export and import of Goods and Services, including merchanting trade transactions.

3. An Authorised Dealer shall

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send all references to the Reserve Bank through PRAVAAH portal1.

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inform any doubtful transaction to the Directorate of Enforcement (DoE).

4. With effect from the date these directions come into force, the Master Direction - Export of Goods and Services and Master Direction - Import of Goods and Services and circulars listed at Annex shall stand superseded.

5. Authorised Dealers may bring the contents of the circular to the notice of their customers/ constituents concerned.

6. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999) and are without prejudice to permission /approvals, if any, required under any other law.

7. These directions shall come into force from October 01, 2026.

Yours Sincerely,

(N. Senthil Kumar)

Chief General Manager

Annex

A. List of Circulars superseded - Export of Goods and Services

Sl. No. Circular No. Subject Date 1. A.P. (DIR Series) Circular No.12 Foreign Exchange Management Act 1999- Export of Goods and Services September 9, 2000 2. A.P. (DIR Series) Circular No.17 Barter Trade with Myanmar under the Indo-Myanmar Border Trade Agreement October 16, 2000 3. A.P. (DIR Series) Circular No.27 Foreign Exchange Management Act, 1999- Export of goods and services -Forwarder's Cargo Receipt March 2, 2001 4. A.P. (DIR Series) Circular No. 30 "Write off" of unrealised export bills- Simplification of procedure April 4, 2001 5. A.P. (DIR Series) Circular No.35 Foreign Exchange Management Act, 1999 - Export of Goods and Services June 11, 2001 6. A.P. (DIR Series) Circular No.4 Counter-Trade Arrangements with Romania August 27, 2001 7. A.P. (DIR Series) Circular No.5 Export of Goods and Services August 27, 2001 8. A.P. (DIR Series) Circular No.6 Export of Goods and Services September 24, 2001 9. A.P. (DIR Series) Circular No.9 Export of Goods and Services - Certification of SOFTEX Forms October 25, 2001 10. A.P. (DIR Series) Circular No.20 Export of goods & services- Extension of period of realisation January 28, 2002 11. A.P. (DIR Series) Circular No.30 Export of Goods for Exhibition / Trade Fairs outside India March 26, 2002 12. A.P. (DIR Series) Circular No.35 Export of Goods and Services - Facilities to Status Holder Exporters April 1, 2002 13. A.P. (DIR Series) Circular No.38 Foreign Exchange Management Act, 1999 - Export of goods and services - Reduction in value April 12, 2002 14. A.P. (DIR Series) Circular No.2 Export of Goods and Services July 04, 2002 15. A.P. (DIR Series) Circular No.10 Export of Goods and Services - Facilities to units in Special Economic Zones (SEZs) August 14, 2002 16. A.P. (DIR Series) Circular No.12 Export of Goods and Services August 28, 2002 17. A.P. (DIR Series) Circular No.21 Disposal of duplicate copies of Export Declaration Forms September 16, 2002 18. A.P. (DIR Series) Circular No.33 Export of Goods and Services October 23, 2002 19. A.P. (DIR Series) Circular No.61 "Write-off" of unrealised export bills- Surrender of export incentives December 14, 2002 20. A.P. (DIR Series) Circular No.91 Export of Goods and Services - Facilities to Units in Special Economic Zones (SEZs) April 1, 2003 21. A.P. (DIR Series) Circular No. 94 Export of Goods and Services - Export of goods on promotional grounds April 26, 2003 22. A.P. (DIR Series) Circular No.100 Export of Goods and Services - Exports to Warehouses Abroad May 2, 2003 23. A.P. (DIR Series) Circular No.105 Supply of goods by Special Economic Zones (SEZs) to Units in Domestic Tariff Area (DTA) against payment in foreign exchange June 16, 2003 24. A.P. (DIR Series) Circular No.12 Export of Goods and Services August 20, 2003 25. A.P.(DIR Series) Circular No.20 Opening of Foreign Currency Account in India by Project / Service Exporter for Execution of Contract Abroad September 23, 2003 26. A.P. (DIR Series) Circular No.22 Export of Goods and Services - Payment of Claims by ECGC September 24, 2003 27. A.P. (DIR Series) Circular No.26 Export of Goods and Services - Export of Books on Consignment Basis October 3, 2003 28. A.P. (DIR Series) Circular No.30 Export of Goods and Services October 21, 2003 29. A.P. (DIR Series) Circular No.32 Export of Goods and Services - Project Exports October 28, 2003 30. A.P. (DIR Series) Circular No.40 Export of Goods and Services - Liberalisation December 5, 2003 31. A.P. (DIR Series) Circular No.61 Exemption from Declaration of Export of Goods and Software January 31, 2004 32. A.P. (DIR Series) Circular No.68 Export of Goods and Services - Liberalisation February 11, 2004 33. A.P. (DIR Series) Circular No.73 Export of Goods by way of Gifts - Liberalisation February 20, 2004 34. A.P. (DIR Series) Circular No.10 Export of Goods and Services to Latin American Countries September 13, 2004 35. A.P. (DIR Series) Circular No.25 Export of Goods and Services Period of Realisation for Export Oriented Units (EOUs) November 01, 2004 36. A.P. (DIR Series) Circular No. 21 Export of Goods and Services - Liberalisation - GR Approval for export January 10, 2006 37. A.P. (DIR Series) Circular No. 31 Export of Goods and Services - Extension of period of realization April 21, 2006 38. A.P. (DIR Series) Circular No. 26 Liberalisations in Project and Service Exports January 08, 2007 39. A.P. (Dir Series) Circular No. 33 Liberalisation of Export and Import procedures February 28, 2007 40. A.P. (DIR Series) Circular No.37 Export of Goods and Services Refund of Export Proceeds - Liberalisation April 05, 2007 41. A.P. (DIR Series) Circular No.71 Data on Project Export Finance June 8, 2007 42. A.P. (DIR Series) Circular No. 49 Export of Goods and Services - Payments of Claims by Insurance Companies-Write off June 03, 2008 43. A.P.(DIR Series) Circular No.50 Export of Goods and Services - Realisation and Repatriation of Export Proceeds - Liberalization June 03, 2008 44. A.P. (DIR Series) Circular No.06 Export of Goods and Services- Direct Dispatch of Shipping Documents Realisation and Repatriation of Export Proceeds - Liberalisation August 13, 2008 45. A.P. (DIR Series) Circular No.60 On-line Downloading of GR Forms March 26, 2009 46. A.P. (DIR Series) Circular No.70 Export of Goods and Software - Realisation and Repatriation of Export Proceeds - Liberalisation June 30, 2009 47. A.P. (DIR Series) Circular No.57 Export of Goods and Software - Realisation and Repatriation of Export proceeds - Liberalisation June 29, 2010 48. A.P. (DIR Series) Circular No.03 Export of Goods and Services - Unrealised export bills - Write-off - Surrender of export incentives July 22, 2010 49. A.P. (DIR Series) Circular No.47 Export of Goods and Software - Realisation and Repatriation of Export Proceeds - Liberalisation March 31, 2011 50. A.P. (DIR Series) Circular No.40 Export of Goods and Software - Realisation and Repatriation of Export Proceeds - Liberalisation November 01, 2011 51. A.P. (DIR Series) Circular No. 47 "Set-off" of export receivables against import payables- Liberalization of Procedure November 17, 2011 52. A.P. (DIR Series) Circular No.48 Mid - Sea Trans-shipment of catch by Deep Sea Fishing Vessel November 21, 2011 53. A. P. (DIR Series) Circular No.65 Foreign Exchange Management Act, 1999 - Export of Goods and Services - Forwarder's Cargo Receipt January 12, 2012 54. A.P. (DIR Series) Circular No. 80 Export of Goods and Services- Simplification and Revision of Softex Procedure February 15, 2012 55. A.P. (DIR Series) Circular No.81 Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year February 21, 2012 56. A.P. (DIR Series) Circular No.98 Discontinuation of Supplying Printed GR forms by Reserve Bank March 30, 2012 57. A. P. (DIR Series) Circular No. 46 Supply of Goods and Services by Special Economic Zones (SEZs) to Units in Domestic Tariff Areas (DTAs) against payment in foreign exchange October 23, 2012 58. A. P. (DIR Series) Circular No. 47 Export of Goods and Services - Simplification and Revision of Softex Procedure October 23, 2012 59. A.P. (DIR Series) Circular No.52 Export of Goods and Software - Realisation and Repatriation of Export Proceeds - Liberalisation November 20, 2012 60. A.P. (DIR Series) Circular No. 66 Export of Goods and Services - Simplification and Revision of Softex Procedure at SEZs January 1, 2013 61. A.P. (DIR Series) Circular No. 88 "Write-off" of unrealized export bills - Export of Goods and Services - Simplification of procedure March 12, 2013 62. A.P. (DIR Series) Circular No.105 Export of Goods and Software - Realisation and Repatriation of Export Proceeds - Liberalisation May 20, 2013 63. A.P. (DIR Series) Circular No.108 Export of Goods and Services - Realization and Repatriation Period for Units in Special Economic Zones (SEZ) June 11, 2013 64. A.P. (DIR Series) Circular No.118 Export of Goods and Services - Project Exports June 26, 2013 65. A.P. (DIR Series) Circular No.14 Export of Goods and Software - Realisation and Repatriation of Export proceeds - Liberalisation July 22, 2013 66. A.P. (DIR Series) Circular No.43 Export of Goods and Services- Simplification and Revision of Declaration Form for Exports of Goods/Softwares September 13, 2013 67. A.P. (DIR Series) Circular No. 51 Export of Goods and Services - Project Exports September 20, 2013 68. A.P. (DIR Series) Circular No.60 Export Outstanding Statement (XOS) Online Bank wide Submission October 01, 2013 69. A.P. (DIR Series) Circular No.62 Closing of Old Outstanding Bills: Export - Follow-up - XOS Statements October 14, 2013 70. A. P. (DIR Series) Circular No.70 Third party payments for export / import transactions November 8, 2013 71. A.P. (DIR Series) Circular No.100 Third party payments for export / import transactions February 4, 2014 72. A.P. (DIR Series) Circular No.101 Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS) February 4, 2014 73. A.P. (DIR Series) Circular No. 109 Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS) February 28, 2014 74. A.P. (DIR Series) Circular No.132 Export of Goods - Long Term Export Advances May 21, 2014 75. A.P. (DIR Series) Circular No.11 Export of Goods and Services - Project Exports July 22, 2014 76. A.P. (DIR Series) Circular No.37 Export of Goods / Software / Services - Period of Realisation and Repatriation of Export Proceeds - For Exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs November 20, 2014 77. A. P. (DIR Series) Circular No.74 Delay in Utilization of Advance Received for Exports February 09, 2015 78. A.P. (DIR Series) Circular No.93 Export of Goods and Services - Project Exports April 1, 2015 79. A.P.(DIR Series) Circular No.101 Export of Goods and Services - Declaration of Exports of Goods / Software May 14, 2015 80. A.P. (DIR Series) Circular No.110 BEF Statement - Submission under XBRL June 18, 2015 81. A.P. (DIR Series) Circular No.1 Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality July 02, 2015 82. A.P. (DIR Series) Circular No.5 Export factoring on non-recourse basis July 16, 2015 83. A.P. (DIR Series) Circular No.27 Software Export - Filing of bulk SOFTEX-further liberalisation November 05, 2015 84. A.P. (DIR Series) Circular No. 39 Export of Goods and Services - Project Exports January 14, 2016 85. A.P. (DIR Series) Circular No. 42 Settlement of Export/ Import transactions in currencies not having a direct exchange rate February 4, 2016 86. A.P. (DIR Series) Circular No.53 Grant of EDF Waiver for Export of Goods Free of Cost March 3, 2016 87. A.P. (DIR Series) Circular No. 68 [(1)/23(R)] Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015 May 12, 2016 88. A.P. (DIR Series) Circular No. 74 Export Data Processing and Monitoring System (EDPMS) - Additional Modules for caution listing of exporters, reporting of advance remittance for exports and migration of old XOS data May 26, 2016 89. A.P. (DIR Series) Circular No.54 Diamond Dollar Account (DDA) - Reporting Mechanism March 23, 2016 90. A.P. (DIR Series) Circular No. 04 Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC) September 15, 2017 91. A.P. (DIR Series) Circular No. 10 Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality November 22, 2019 92. A.P. (DIR Series) Circular No.27 Export of Goods and Services - Realisation and Repatriation of Export Proceeds - Relaxation April 01, 2020 93. A.P. (DIR Series) Circular No. 03 Export Data Processing and Monitoring System (EDPMS) Module for 'Caution/De-caution Listing of Exporters' - Review October 09, 2020 94. A.P. (DIR Series) Circular No. 08 External Trade - Facilitation - Export of Goods and Services December 04, 2020 95. A.P. (DIR Series) Circular No.13 Use of any Alternative reference rate in place of LIBOR for interest payable in respect of export / import transactions September 28, 2021 96. A.P.(DIR Series) Circular No. 12 Export Data Processing and Monitoring System (EDPMS) & Import Data Processing and Monitoring System (IDPMS) - reconciliation of export /import entries - Review of Guidelines October 01, 2025 B. List of the circulars superseded - Import of Goods and Services

Sr. No. Circular No. Subject Date 1. A.P. (DIR Series) Circular No. 9 Foreign Exchange Management Act, 1999 August 24, 2000 2. A.P.(DIR Series)Circular No.24 Import of Aircraft/Aircraft Engine/ Helicopter on lease basis March 1, 2002 3. A.P. (DIR Series) Circular No.15 Evidence of Import September 9, 2002 4. A.P. (DIR Series) Circular No.20 FEMA, 1999 - Current Account Transactions - Remittances towards Consultancy Services September 12, 2002 5. A.P.(DIR Series) Circular No.25 Imports into India - Short term credit September 27, 2002 6. A.P. (DIR Series) Circular No.49 Foreign Exchange Management Act, 1999 - Advance Remittances for Imports November 16, 2002 7. A.P. (DIR Series) Circular No.57 Evidence of Import November 27, 2002 8. A.P. (DIR Series) Circular No.65 Foreign Exchange Management Act, 1999 - Advance Remittances for Services to be Rendered January 6, 2003 9. A.P. (DIR Series) Circular No.106 Import of goods and services into India. June 19, 2003 10. A.P. (DIR Series) Circular No.4 Merchanting Trade Transactions - Clarifications - Short term credit July 19, 2003 11. A.P. (DIR Series) Circular No.9 Evidence of Import - Liberalisation August 18, 2003 12. A.P. (DIR Series) Circular No.15 Advance Remittance for Imports September 17, 2003 13. A.P. (DIR Series) Circular No. 25 Import of gold against letter of authority issued by Nominated Agency October 1, 2003 14. A.P. (DIR Series) Circular No.31 Import of Silver/Platinum against Letter of Authority issued by Nominated Agency October 24, 2003 15. A.P. (DIR Series) Circular No.49 Advance Remittance for Imports December 15, 2003 16. A.P. (DIR Series) Circular No.66 Imports into India - Direct Receipt of Import Bills/Documents February 6, 2004 17. A.P. (DIR Series) Circular No.72 Foreign Exchange Management Act, 1999 - Import of Goods into India - Evidence of Import February 20, 2004 18. A.P. (DIR Series) Circular No. 87 Trade Credits for Imports into India - Review and Simplification - A.P.(DIR Series) Circular No. 87 April 17, 2004 19. A.P. (DIR Series) Circular No.2 Import of Gold by (i) Export Oriented Units (EOUs), (ii) Units in SEZ/EPZ, and (iii) Nominated Agencies July 9, 2004 20. A.P. (DIR Series) Circular No.34 Import of Gold on Loan Basis - Tenor of Loan and Opening of Stand-By Letter of Credit February 18, 2005 21. A.P. (DIR Series) Circular No.1 Import of Goods of Value USD 100,000 and Less -Clarification on Follow up for Evidence of Import July 12, 2005 22. A.P. (DIR Series) Circular No.13 Import of Aircraft on Operating Lease - Security Deposits September 27, 2005 23. A.P. (DIR Series) Circular No.34 Advance Remittance for Import of Rough Diamonds March 2, 2007 24. A.P. (DIR Series) Circular No.63 Import of Equipments by BPO Companies in India for International Call Centre May 25, 2007 25. A.P. (DIR Series) Circular No.77 Advance Remittance for Import of aircrafts / helicopters / other aviation related purchases June 29, 2007 26. A.P. (DIR Series) Circular No.18 Direct Receipt of Import Bills / Documents - Liberalisation November 7, 2007 27. A.P. (DIR Series) Circular No.37 Direct Receipt of Import Bills / Documents for Import of Rough Precious & Semi-Precious Stones April 16, 2008 28. A.P. (DIR Series) Circular No.03 Advance Remittance for Import of Rough Diamonds August 4, 2008 29. A.P. (DIR Series) Circular No.08 Advance Remittance for Import of Rough Diamonds August 21, 2008 30. A.P. (DIR Series) Circular No.09 Foreign Exchange Management Act, 1999- Advance Remittance for Import of Goods - Liberalisation August 21, 2008 31. A.P. (DIR Series) Circular No.12 Foreign Exchange Management Act, 1999 - Import of Platinum / Palladium / Rhodium / Silver August 28, 2008 32. A.P. (DIR Series) Circular No.13 Direct Receipt of Import Bills / Documents - Liberalisation September 1, 2008 33. A.P. (DIR Series) Circular No.15 Foreign Exchange Management Act, 1999 - Advance Remittances for Import of Services September 8, 2008 34. A.P. (DIR Series) Circular No.10 Foreign Exchange Management Act, 1999 - Advance Remittance for import of Services October 5, 2009 35. A.P. (DIR Series) Circular No.21 Advance Remittance for Import of Rough Diamonds December 29, 2009 36. A.P. (DIR Series) Circular No.56 Advance Remittance for Import of Goods - Liberalisation April 29, 2011 37. A.P. (DIR Series) Circular No.59 Import of rough, cut and polished diamonds May 06, 2011 38. A.P. (DIR Series) Circular No.82 Release of Foreign Exchange for Imports - Further Liberalisation February 21, 2012 39. A.P. (DIR Series) Circular No.83 Import of Gold on Loan Basis - Tenor of Loan and Opening of Stand - By Letter of Credit February 27, 2012 40. A.P. (DIR Series) Circular No.103 Data on import of Gold - Statements - Modification April 03, 2012 41. A.P. (DIR Series) Circular No. 34 Foreign Exchange Management Act, 1999-Import of gold in any form including jewellery made of gold/ precious metals or / and studded with diamonds / semi precious / precious stones - clarification September 24, 2012 42. A.P. (DIR Series) Circular No.83 Import of precious and semi precious stones- Clarification February 20, 2013 43. A.P. (DIR Series) Circular No.103 Import of Gold by Nominated Banks/Agencies May 13, 2013 44. A.P. (DIR Series) Circular No.107 Import of Gold by Nominated Banks/Agencies June 4, 2013 45. A.P. (DIR Series) Circular No.122 Import of Gold by Nominated Banks/Agencies June 27, 2013 46. A.P. (DIR Series) Circular No.15 Import of Gold by Nominated Banks /Agencies/Entities July 22, 2013 47. A.P. (DIR Series) Circular No. 25 Import of Gold by Nominated Banks /Agencies/Entities August 14, 2013 48. A.P. (DIR Series) Circular No.71 Advance Remittance for Import of Rough Diamonds November 8, 2013 49. A.P. (DIR Series) Circular No.73 Import of Gold by Nominated Banks /Agencies/Entities November 11, 2013 50. A.P. (DIR Series) Circular No.82 Import of Gold by Nominated Banks/Agencies/Entities December 31, 2013 51. A.P. (DIR Series) Circular No.95 Merchanting Trade Transactions January 17, 2014 52. A.P. (DIR Series) Circular No.103 Import of Gold / Gold Dore by Nominated Banks /Agencies /Entities - Clarifications February 14, 2014 53. A.P. (DIR Series) Circular No.115 Merchanting Trade Transactions - Revised guidelines March 28, 2014 54. A.P. (DIR Series) Circular No.116 Advance Remittance for Import of Rough Diamonds April 01, 2014 55. A.P. (DIR Series) Circular No.133 Import of Gold by Nominated Banks / Agencies / Entities May 21, 2014 56. A.P. (DIR Series) Circular No.2 Import of Rough, Cut and Polished Diamonds - credit relaxation July 07, 2014 57. A.P. (DIR Series) Circular No.30 Data on Import of Gold Statement- Submission under XBRL September 15, 2014 58. A.P. (DIR Series) Circular No.42 Import of Gold (under 20: 80 Scheme) by Nominated Banks / Agencies / Entities November 28, 2014 59. A.P. (DIR Series) Circular No.76 Foreign Exchange Management Act, 1999 - Import of Goods into India February 12, 2015 60. A.P. (DIR Series) Circular No.79 Guidelines on Import of Gold by Nominated Banks / Agencies February 18, 2015 61. A.P. (DIR Series) Circular No.29 Import of Goods into India - Evidence of Import November 26, 2015 62. A.P. (DIR Series) Circular No.30 Advance Remittance for Import of aircrafts / helicopters /other aviation related purchases November 26, 2015 63. A.P. (DIR Series) Circular No.57 Import of Rough, Cut and Polished Diamonds March 31, 2016 64. A.P. (DIR Series) Circular No.65 Import of goods- Import Data Processing and Monitoring System (IDPMS) April 28, 2016 65. A.P. (DIR Series) Circular No.05 Import Data Processing and Monitoring System (IDPMS) October 06, 2016 66. A.P. (DIR Series) Circular No.27 Evidence of Import under Import Data Processing and Monitoring System (IDPMS) January 12, 2017 67. A.P. (DIR Series) Circular No.20 Merchanting Trade Transactions (MTT) - Revised Guidelines January 23, 2020 68. A.P.(DIR Series) Circular No.33 Import of Goods and Services- Extension of Time Limits for Settlement of Import Payment May 22, 2020 69. A.P. (DIR Series) Circular No.12 CIMS Project implementation - Discontinuation of submission in legacy XBRL (Data on Import of Gold Statement) December 22, 2023 70. A.P. (DIR Series) Circular No. 07 Import of Shipping Vessel - Relaxation June 13, 2025 71. A.P. (DIR Series) Circular No. 11 Merchanting Trade Transactions (MTT) - Review of time period for outlay of foreign exchange October 01, 2025 1 https://pravaah.rbi.org.in/pravaah/#/

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