Mumbai, Oct. 7 -- The Reserve Bank of India (RBI) will soon issue a clarification on its new foreign exchange rules, as the norms have created confusion for individuals undertaking personal transactions, deputy governor Rohit Jain said on Wednesday.

"The individuals are not included with respect to the reporting requirements for the contracts of a personal nature," Jain said at a press conference post the monetary policy decision. He added that the central bank would clarify the matter shortly through an FAQ.

In January, the central bank overhauled its decade-old foreign exchange rules, bringing exports and imports of goods and services under a unified regulatory framework. The Foreign Exchange Management (Export and Import of Goods and...