RBI extends Time to close exim deals extended

Liberalising the export-import payment norms, the Reserve Bank today extended the time limit to complete such transactions to nine months from six months earlier. "The entire merchanting or intermediary trade transactions should be completed within an overall period of nine months and there should not be any outlay of foreign exchange beyond four months," RBI said in a notification. Among others, the RBI said such transactions should be routed through the same bank and the banks should verify the documents for genuineness of trade.