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of <h1>Import Payment Settlement Extended to 12 Months for Pre-July 31, 2020 Shipments Due to COVID-19 Disruptions.</h1> The circular informs all Category-I Authorised Dealer Banks about an extension of the time limit for settling import payments due to COVID-19 disruptions. Normally, remittances for imports, excluding gold, diamonds, and precious stones/jewelry, must be completed within six months from the shipment date. This period is extended to twelve months for imports made on or before July 31, 2020. The extension is issued under the Foreign Exchange Management Act, 1999, and banks are instructed to inform their constituents.
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