New Delhi, Oct. 7 -- New FEMA trade rules that came into effect from 1 October have triggered concerns among freelancers, content creators and small service exporters over whether they now need to file additional export declarations for payments received from overseas.

The Reserve Bank of India (RBI) has now clarified that individuals undertaking transactions of a personal nature are not covered by these reporting requirements.

RBI Governor Sanjay Malhotra and Deputy Governor Rohit Jain made the clarification at the October monetary policy press conference. The RBI also said small exporters with transactions of up to Rs.10 lakh per bill can use a self-declaration and invoice, while banks and authorised dealers, rather than individual ex...