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Import of goods and services – Extension of time limits for settlement of Import payment.

RBI vide notification no. RBI/2019-20/242 dated May 22, 2020, it has been decided to extend the time period for completion of remittances against such normal imports (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 made on or before July 31, 2020.

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11900&Mode=0