Weeks after the Reserve Bank of India’s (RBI) new foreign exchange reporting regulations for export and import of goods and services took effect, individuals exporting services, as well as micro, small and medium enterprises (MSMEs), are struggling to get their payments credited, as banks are asking them to fill out a complex, five-page export declaration form (EDF) as a prerequisite.

According to the RBI, beginning October 1, an exporter of services must furnish a declaration in the EDF, specifying the full export value of the services within 30 days from the end of the month in which the invoice was raised.…