RBI Extends Time Limit For Settlement Of Import Payments

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The Reserve Bank of India (RBI) vide circular no.33 dated May 22nd 2020 has extended the time limit for completion of import payments for twelve months from the date of shipment for such imports made on or before July 31st 2020. Earlier the time limit was for six months. However, this is applicable only for normal imports and shall not be applicable in cases of imports of gold/diamonds and precious stones/jewellery.

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