RBI extends the time limit for settlement of import payment.

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The Reserve Bank of India vide its notification dated 22nd May 2020 has decided to extend the time period for completion of remittances against normal import (except in cases where amounts are withheld towards the guarantee of performance etc.) from six months to twelve months from the date of shipment for such imports, if made on or before July 31, 2020.

The term normal import excludes the import of gold/diamonds and precious stones/jewelry.

Click here to read the Notification.

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