29/04/2025 Dear Customer, We wish to bring to your attention an important clarification issued by RBI regarding the filing of Softex forms for the export of services under the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015. No Requirement for Softex Filing by Service Exporters: As per Regulation 3 of FEMA (Export of Goods & Services) Regulations, 2015, exporters of services are not required to file any declaration (such as a Softex form) with designated authorities. However, exporters must ensure the realization and repatriation of foreign exchange earned from such exports within the prescribed timelines. Misinterpretation of RBI Guidelines: It has been observed that some exporters, particularly those engaged in IT and IT-enabled services (ITeS), have been erroneously filing Softex forms with STPI/SEZ authorities due to misinterpretation of regulatory guidelines. Clarification on Softex Applicability: The Reserve Bank of India (RBI) has clarified that Softex filing is mandatory only for the export of software (as a product) and not for services that utilize IT as a tool (ITeS and other service exports). Recommended Actions: Exporters of services, including IT-enabled services, are not required to file Softex forms. We advise you to update your internal compliance processes accordingly to avoid any unnecessary regulatory burden. A suitable advisory “SOFTEX is to be filed ONLY in case of export of Software not exported as goods and it does not include export of services using IT as a tool i.e. ITeS (IT enabled Services).” is being displayed on the webpage for generating Softex number on RBI website - https://rbi.org.in/scripts/edf_userdetails.aspx For further clarification, please feel free to reach out to your relationship manager or our trade desk. Warm Regards, |