The Reserve Bank of India ('the RBI') has notified the Foreign Exchange Management (Export and Import of Goods and Services) Regulations and Directions1 ('2026 Regulations') on 13 January 2026, in supersession of the Foreign Exchange Management (Export of Goods & Services) Regulations2 ('2015 Regulations') with a unified regulatory regime for both exports and imports of goods and services. The 2026 Regulations have been issued after examining and suitably including feedback from stakeholders on the draft regulations and draft directions of 2nd July 2024, 3rd and 4th April 2025.

The 2026 Regulations are primarily principle based and intended to promote ease of doing business, especially for small exporters and importers. They are also intended to empower Authorized Dealers ('AD') to provide quicker and more efficient service to their customers. This Flash News highlights some of the key changes and important provisions introduced in comparison to the previous 2015 Regulations.

The 2026 Regulations will be effective from 1 October 2026. Accordingly, the instructions contained in these regulations/directions will also be effective from the said date. It consolidates export and import compliance under one cohesive framework simplifying cross-border trade obligations.

• Greater responsibility placed on AD Banks based on their internal policies and assessment of the bona fides of each transactions.

• AD Banks are required to ensure compliance with these regulations and must route all references to the RBI via the Platform for Regulatory Application, Validation And Authorization ('PRAVAAH') portal