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.

 

Members may kindly make a note of the above details.

 

Thanking you,

 

Yours faithfully, 

 

S.BALARAJU

EXECUTIVE DIRECTOR

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