Import payment timeframe extension: remittance period for normal imports extended due to COVID disruptions, banks must notify constituents. Remittance completion period for normal imports has been extended from six months to twelve months from shipment date for imports made on or before July 31, 2020 due to COVID 19 disruptions; exclusions include import of gold/diamonds/precious stones/jewellery and cases where amounts are withheld as guarantees. Authorised Dealer Category I banks must notify constituents. Directions are issued under the Foreign Exchange Management framework and without prejudice to other legal permissions or approvals.