MUMBAI: RBI has eased export documentation requirements for individual software freelancers and other gig workers receiving payments from overseas clients by allowing information furnished to banks for crediting foreign currency earnings to serve as an Export Declaration Form (EDF). For other exporters, including companies, the deemed-submission facility is available only when the value of the inward remittance for the service does not exceed Rs 10 lakh or its equivalent in foreign currency.The change removes the need for resident individuals and low-value exporters to make a separate export declaration for each inward remittance. The amendment, notified on Nov 2, is effective retrospectively from Oct 1, 2026.
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Under the Fema export framework, payments received by freelancers from overseas clients are treated as export earnings rather than personal foreign remittances. These transactions have to be accounted for under the export declaration framework.