RBI deems resident individuals' EDF filed, 10L cap for entities
Business
The RBI just made things simpler for anyone exporting services in India: resident individuals are deemed to have submitted the EDF once they provide the required payment information, while non-individual exporters get the same treatment only for service export receipts up to ₹1 million.
This update is meant to cut down on paperwork and make life a bit easier for small-scale service exporters.
RBI limits bank import reporting
The RBI also tweaked import rules: now, banks only have to report big import transactions (over ₹1 million) for importers other than resident individuals.
Overall, these changes aim to streamline business for people working in the service sector and reduce unnecessary hassle.