India, Oct. 8 -- RBI governor Sanjay Malhotra yesterday eased concerns over the new foreign exchange reporting framework, clarifying that individuals undertaking transactions of a personal nature would not have to report them. He also cited earnings from overseas tutoring and small software assignments among the transactions that would not require reporting.

The clarification follows concerns among freelancers, creators, and small service exporters about additional paperwork under the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The rules, which took effect on October 1, bring goods and services trade under a unified framework.

Malhotra said banks and authorised dealers would handle reporting ...