New Delhi, Oct. 15 -- Freelancers, consultants and small businesses receiving payments from overseas clients have to follow a new reporting compliance procedure under the Reserve Bank of India's (RBI) foreign exchange rules. These rules, effective 1 October, apply to all professionals exporting services, such as content writers, digital marketers, designers, and any freelancers taking on gigs on global freelance marketplaces like Fiverr, Upwork, etc.

The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 require service exporters to submit an export declaration form (EDF) to their authorised dealer bank. The form records details of services exported and payments due from overseas clients.

Earlier, su...