Export of Services - Remittance recieved on personal Savings account.

Hi everyone,

I have a query regarding RBI/FEMA regulations for software service exports by an independent consultant/sole proprietor.

Is there any RBI rule, Master Direction, FEMA regulation, or circular that specifically mandates a sole proprietor exporting software services to maintain a Current Account for receiving export proceeds?

I would like to understand whether this is an actual RBI/FEMA requirement .

Additionally, I am facing an issue with SBI regarding the purpose code in my FIRC. Since the remitter did not mention the purpose, SBI has selected P1301 (Family Maintenance) instead of the appropriate code P0802. The bank is not agreeing to amend the purpose code.

Could anyone please clarify:

• Whether RBI/FEMA allows correction of an incorrectly reported purpose code in such cases?
• Whether there is any specific RBI notification, Master Direction, or regulation preventing such amendment?
• Whether the Current Account requirement is a regulatory mandate ?

I would appreciate any relevant references or experiences.

Thank you.