RBI updates import payment norms effective 1 October 2026, including IDPMS closure and compliance with advances, GST, and tax.
New RBI Import Payment Framework Takes Effect
Effective 1 October 2026, the Reserve Bank of India has introduced revised norms for import payments, including the discontinuation of the Import Data Processing and Monitoring System (IDPMS) for transactions below ₹10 lakh.
The updated framework integrates compliance with GST, TDS, and accounting standards. It mandates contract-based payment reporting and allows advances up to 100% of contract value under defined conditions. Bank guarantees are recognized for deferred payment imports.
Exporters and importers must update their documentation systems accordingly. The changes aim to streamline trade reporting and align RBI’s data collection with Customs and GSTN platforms, reducing duplicative filings.
