The Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 governed export-related foreign exchange transactions under FEMA, 1999. Over time, regulatory requirements expanded to include import-related monitoring through EDPMS and IDPMS frameworks. To consolidate and rationalise the regulatory framework for both exports and imports of goods and services, the Reserve Bank of India has superseded the 2015 regulations. These Regulations provide a comprehensive framework covering export, import, merchanting trade transactions, realisation, repatriation, and reporting obligations.

1. The Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 are superseded and replaced by the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 with effective from October 01,2026. , except for actions taken or omitted before such supersession.
2. These Regulations extend the regulatory framework to cover both export and import of goods and services, including merchanting trade transactions (MTT).
3. Regulation 3 mandates submission of Export Declaration Form (EDF):
   • For goods: at the time of export.
   • For services: within 30 days from the end of the month in which the invoice is raised, subject to specified relaxations.
4. Regulation 4 provides that receipts and payments for export and import shall be made in accordance with the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, and mandates closure or updation of entries in EDPMS/IDPMS by Authorised Dealers.
5. Regulation 5 prescribes the time period for realisation and repatriation of export proceeds:
   • Fifteen months from shipment/invoice date for goods and services.
   • Eighteen months where invoicing or settlement is in Indian Rupees.
   • Project exports as per contractual payment terms.
6. Regulation 6 permits reduction in export realisation, including non-realisation, subject to satisfaction of the Authorised Dealer, with declaration-based relaxation up to ₹10 lakh per shipping bill or invoice.
7. Regulation 7 allows set-off of export receivables against import payables with the same overseas counterparty or its group entities.
8. Regulation 8 permits third-party receipts and payments for export and import transactions, subject to satisfaction of transaction genuineness.
9. Regulation 9 requires import payments to be made within the period specified in the underlying contract, with provision for extension by the Authorised Dealer.
10. Regulation 10 governs advance payments for exports and imports and delayed import payments, including routing through the same Authorised Dealer and compliance with trade credit cost ceilings.
11. Regulation 11 prohibits advance remittance for import of gold and silver by Authorised Dealers.
12. Regulation 12 prescribes obligations for imports not materialised, including repatriation of advances and mandatory standby letter of credit or guarantees for future advances in specified cases.
13. Regulation 13 restricts exporters with unrealised export proceeds beyond one year to future exports only against full advance payment or irrevocable letter of credit.
14. Regulation 16 introduces detailed conditions for Merchanting Trade Transactions (MTT), including a six-month cap between inward and outward remittances and reporting through EDPMS/IDPMS.
15. Regulation 18 mandates detailed reporting by Authorised Dealers in EDPMS, IDPMS and FETERS, including timelines for data entry and mark-off of transactions.

Regulation 19 requires Authorised Dealers to establish a comprehensive internal policy and Standard Operating Procedure (SOP) for handling export, import and MTT transactions and disclose key features on their website.