RBI clarifies personal transactions are exempt from reporting under new foreign exchange trade rules

The Economic Times reports that RBI Governor Sanjay Malhotra said individuals do not need to report routine subscription payments or payments they receive from overseas for tutoring and small software assignments. Exporters can also use self-declarations instead of uploading supporting documents for transactions of up to ₹10 lakh per bill. The RBI plans to issue FAQs clarifying the reporting rules.