RBI Clarifies New Forex Rules: Freelancers and SaaS Startups Face Fewer Filings

RBI Governor Sanjay Malhotra said personal transactions by individuals, including overseas tutoring and small software assignments, will not require reporting. The new rules took effect October 1 and unify goods and services trade; the self-declaration threshold is ₹10 Lakh per bill, not annual earnings.

• Personal transactions by individuals need no reporting regardless of amount
• The ₹10 Lakh self-declaration threshold applies per bill, not annual earnings
• SaaS firms shift from SOFTEX to EDF with limited procedural changes
• Service export proceeds must be repatriated within nine months