Import of goods and services- Extension of time limits for Settlement of import payment

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

Dear Member,

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.