Circular No. ES/162/2020-21 27th May, 2020
To : Members of the Council
Sub: Import of goods and services- Extension of time limits for Settlement of import payment
The Reserve Bank of India (RBI) vide Notification No. RBI/2019-20/242 dated 22nd May, 2020 has extended the time period for completion of remittances against normal imports (except in cases where amounts are withheld towards guarantee of performance etc.) from 6 months to 12 months from the date of shipment for such imports made on or before 31st July, 2020.
Members may kindly make a note of the above details.