Starting October 1, 2026, a significant regulatory update will come into effect concerning the Export Declaration Form (EDF) for all exporters. This new requirement, stemming from FEMA regulations, aims to streamline export compliance. While goods exporters have long been familiar with the EDF process, this update extends the mandatory filing to services and software exporters.
What is an EDF Form? – An EDF, or Export Declaration Form, is a document required by regulatory bodies to declare particulars of exports. It includes essential details such as the invoice number, invoice amount, and a description of the goods, services, or software exported. For services exporters, this form is crucial for formalizing international transactions and ensuring compliance with foreign exchange regulations.
Who Needs to File an EDF? – With the new regulation, all services and software exporters must file an EDF for all invoices with an invoice date on or after October 1, 2026. This applies even if the payment is received after this date. It is vital to ensure the correct invoice date is used when generating invoices to comply with this requirement.
How to File the EDF? – The EDF must be submitted to your designated Authorized Dealer (AD) Category I bank. The submission process may vary depending on your bank, potentially involving an online portal or direct submission to your branch. While the standard deadline for filing is typically within 30 days after the end of the month in which the invoice is raised, services exporters have an additional option: submitting the EDF form on or before the date of payment receipt.
Role of eBRC for Services Exporters – For services exporters, a key outcome of the EDF process is the regularisation of your outstanding remittances/shipping bills and generation of an eBRC by DGFT. This electronic certificate serves as official acknowledgment and record of the export transaction. Banks may levy charges for the regularising your shipping bills/inward remittances. We advise customers to consult with their banks to understand these fees.
Post-EDF Process and Razorpay Moneysaver Support – Once the EDF is submitted and processed by your bank, the export invoice is logged on the RBI’s EDPMS portal. The bank then matches the export payment received against this logged invoice to complete the compliance. For invoices valued at ₹10,00,000 or less, a self-declaration of payment receipt might suffice. For higher value invoices, providing documentation like the FIRA (Foreign Inward Remittance Advice) may be necessary for the bank to create an Inward Remittance Message (IRM) and match the payment. Upon successful completion, the bank provides an eBRC document.
Razorpay Moneysaver, in collaboration with its banking partners, is dedicated to simplifying this process for our users. We aim to support you through the EDF creation and submission, and the subsequent steps required for seamless export compliance.
Disclaimer: This information is for educational purposes. Please consult with your bank and financial advisor for the most accurate and up-to-date guidance.
FAQs:
1. What is an EDF Form? – EDF stands for Export Declaration Form. It is a regulatory document required by the RBI for declaring export transactions. It includes essential details like the invoice number, invoice amount, and a description of the goods, services, or software exported. This form is part of FEMA regulations designed to ensure compliance in foreign exchange transactions.
2. Who needs to file an EDF? – Starting October 1, 2026, all services and software exporters (including freelancers) must file an EDF for invoices dated October 1, 2026, or later. This requirement extends the previous mandate for goods exporters to services and software transactions.
3. Is EDF required to collect payment via Razorpay Moneysaver? – Maybe, if your settlement bank is ICICI, you will be required to file for EDF number before capturing any payment with Razorpay Moneysaver. In such cases, the process of invoice and FIRC mapping would be smooth and ICICI bank would be able to provide you with eBRC without any bank visit , though at an additional cost. In case, your settlement bank is not ICICI then your journey of receiving funds would not change on Razorpay. However, you will need to separately file for EDF number post receive of funds within stipulated timelines.
4. Where do I submit the EDF? – The EDF must be submitted to your Authorized Dealer (AD) Category I bank. The submission method may vary depending on your bank, and could involve using their online trade portal or submitting documents directly to your branch.
5. When should I submit the EDF form? – The standard deadline is within 30 days after the end of the month in which the invoice is raised. However, for services exporters, there is an option to submit the EDF form on or before the date of receiving payment.
6. Does Razorpay Moneysaver help with EDF filing? Yes, absolutely! Razorpay Moneysaver is committed to supporting you throughout this journey. We provide resources like this FAQ and our blog post to help you understand the process. For customers using ICICI for settlement, we are working closely with them to ensure a smoother EDF generation process. For customers using other banks, we will guide you on how to approach your collection bank for the necessary steps and documentation.
7. What happens after the EDF is submitted? – Once submitted, your bank logs the export invoice on the RBI’s EDPMS portal. The bank then matches the export payment received against this logged invoice to complete the regulatory compliance. For invoices valued at ₹10,00,000 or less, a self-declaration of payment receipt might be sufficient. For higher value invoices, you may need to provide documents like the FIRA (provided free of cost by Razorpay against your transactions with us) for the bank to issue an Inward Remittance Message (IRM) and subsequently an eBRC.
8. Will my bank charge fees for this process? – It is possible. Some banks may charge a nominal fee for processes such as creating an eBRC or eFIRC. We recommend contacting your collection bank directly to clarify any associated charges.
9. What is an eBRC? – An eBRC is an electronic certificate issued by DGFT. It serves as an official record of your export transaction and is a key component of foreign exchange compliance. It is typically provided after your bank successfully matches the export payment with the declared invoice details.
10. Who can I contact if I have more questions? – For questions regarding the EDF process and how Razorpay Moneysaver can provide guidance and resources, please reach out to us at xx@razorpay.com. For specific queries related to your bank’s procedures, eBRC issuance, or any charges, please contact your collection bank directly.
Disclaimer: This FAQ provides general information to assist our customers. Please consult with your bank for the most accurate and up-to-date details regarding their specific procedures and ensure full compliance with all regulatory requirements.
