Exporters get the Regulations; banks get the Directions. The Reserve Bank of India (Export and Import of Goods and Services) Directions, 2026 are RBI's instructions to Authorised Dealer banks on how to run the new export regime, and the parts that touch you are simple: your bank must enter your EDF into EDPMS within 5 working days, publish its own policy on how it accepts EDFs, and then track each invoice until it is paid.
Key takeaways
- Two documents work together: the FEMA Export and Import Regulations, 2026 (for exporters) and the RBI Directions, 2026 (for AD banks). Both apply from 1 October 2026.
- Banks must record your EDF in EDPMS within 5 working days and publish how they accept EDFs, so the channel varies by bank.
- The bank, not RBI, is your day-to-day counterpart: it can accept a late EDF for reasonable cause and can extend the realisation period on a reasoned request.
- For invoices up to ₹10 lakh, the bank may close the EDPMS entry on your declaration.
- RBI amended some provisions on 22 September 2026, so always read the current text rather than an old summary.
Regulations and Directions: who each one speaks to
It helps to see the two documents side by side.
| FEMA Export and Import Regulations, 2026 | RBI Export and Import Directions, 2026 | |
|---|---|---|
| Issued as | RBI Notification No. FEMA 23(R)/2026-RB, 13 January 2026 | Directions from RBI to AD banks |
| Addressed to | Exporters and importers | Authorised Dealer Category-I banks |
| What it covers | Your duties: file the EDF, realise export value, declare | The bank's duties: accept, record, monitor, close |
| Where the EDF sits | The form is in the Annex | Refers to how banks process it |
| In force | 1 October 2026 | Alongside the Regulations |
You can read the Regulations on the >RBI website. For a fuller explanation of how these documents relate, see RBI Master Direction vs Regulations.
What your bank must do, step by step
From the exporter's chair, the bank's obligations show up in a predictable sequence.
1. Publish how it accepts EDFs
Each bank must put out its own policy on accepting EDFs. That is why one bank may want forms at the branch, another by email to a trade desk, and another through a net-banking trade module. There is no single national portal for service EDFs. If you have not seen your bank's policy, ask your relationship manager or check the bank's trade services page.
2. Accept and check the form
The bank receives your EDF as an AD bank, or as a specified authority for software. It will look at whether Part 1 is complete, whether the Part 2B rows add up, and whether the signatory matches its records. Expect it to send back forms with obvious gaps.
3. Enter it into EDPMS within 5 working days
Once accepted, the bank must record your EDF in the Export Data Processing and Monitoring System within 5 working days. From that point each invoice is a tracked entry. Our explainer on EDPMS covers what the system holds.
4. Match incoming money against open entries
When foreign currency arrives, the bank matches it to the right EDPMS entries. For larger invoices it uses your invoice, the payment evidence (FIRA, FIRC or bank advice) and your matching instructions.
5. Close entries on declaration for smaller invoices
For invoices up to ₹10 lakh, the bank may close the entry on your declaration that the money has been realised. The declaration is separate from the EDF and can cover many invoices at once, for example every quarter.
6. Follow up on what remains open
Services must be realised within 9 months from the invoice date, or 12 months for rupee invoices. Entries that stay open past that point are what the bank has to follow up. The bank can grant an extension on a reasoned request from you.
Where the bank has discretion
The rules give banks room to use judgement in a few places, and these are where a good relationship with your branch pays off.
- Delayed EDFs. The bank may accept an EDF filed after the deadline for reasonable cause. Explain the reason in writing.
- Realisation extensions. The bank can extend the 9-month window on a reasoned request. Ask before the deadline, not after.
- Holding inward credit. If an EDF is missing, the bank may hold a foreign credit until you give it. This is one of the most common surprises in the first months of the regime.
- Process details. Formats, cover letters, whether a seal is needed, how mixed months are shown: all of this flows from the bank's own policy.
A practical example
Vedanta Studio LLP, a video production firm in Mumbai, raised four invoices in October 2026. Its partner emailed the EDF to the bank's trade desk on 18 November, well before the 30 November deadline.
On 24 November she wrote back to ask whether the form had been recorded. The bank confirmed it had been entered into EDPMS and shared an acknowledgement reference, which Vedanta logged in its EDF register next to the four invoice numbers. Three invoices were under ₹10 lakh each, so Vedanta planned to cover them in its quarterly realisation declaration. The fourth, a ₹14.6 lakh invoice, would need the invoice, FIRA and a matching request once paid.
None of this required knowing the internal text of the Directions. It required knowing what the bank is obliged to do and asking for confirmation at each step.
Questions worth asking your bank this quarter
- Where is your published policy on accepting EDFs, and which channel should we use?
- Do you allot an EDF form number or acknowledgement reference?
- How will you confirm that our EDF has been entered into EDPMS?
- Do you accept quarterly declarations for invoices up to ₹10 lakh, and in what format?
- What do you need from us to match a payment to more than one invoice?
- If a remittance arrives before we file the EDF, will you hold it?
A simple EDF cover letter can carry the first few questions along with your first filing. This is general information, not legal or tax advice; the bank's published policy and the current RBI text are what count.
Frequently asked questions
Do I need to read the RBI Directions as an exporter?
Not in full. The Directions are written for banks. What you need from them is the outline: the bank must record your EDF in EDPMS within 5 working days, publish its acceptance policy, match realisations and follow up open entries. Your own duties are in the Regulations.
Why does my bank's EDF process differ from my friend's bank?
Each bank must publish its own policy on how it accepts EDFs. So one may use branch submission, another email, another a net-banking module. All are following the same rules; they have chosen different channels.
Can my bank refuse a late EDF?
The bank may accept a delayed EDF for reasonable cause, which means it has discretion. Write to the bank explaining why the form is late and attach it. File as soon as you notice the delay rather than waiting.
What happens if the bank does not enter my EDF in EDPMS on time?
The 5-working-day obligation sits with the bank, not with you. Still, follow up in writing and keep a record of when you submitted. Your own deadline is about submission, so proof of timely submission protects you.
Did the 22 September 2026 amendment change the EDF?
RBI amended some provisions on 22 September 2026, before the start date. Because the changes affect the text you rely on, always refer to the current version on the RBI website rather than summaries written earlier in 2026.
Bottom line
The Directions make your bank the engine of the new export regime: it records, matches, closes and follows up. Your job is to give it a clean EDF on time and ask for confirmation. Our free EDF form generator produces a complete form, and the EDF guide explains the rest of the process.
This guide is general information for Indian businesses, not legal or tax advice. Rules and bank processes change — confirm specifics with your AD bank or chartered accountant.