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of <h1>Settlement time for remittances on normal imports extended from six to twelve months for shipments on/before July 31, 2020</h1> Extension of the statutory time limit for settlement of remittances against normal imports: the prescribed period for completing outward remittances for imports (excluding imports of gold, diamonds, precious stones or jewellery and excluding amounts legitimately withheld as performance guarantees) is increased from six months to twelve months from the date of shipment for imports effected on or before July 31, 2020, thereby permitting authorised dealer banks and importers to effect payment up to twelve months from shipment for such transactions.
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