The central bank has relaxed its regulations allowing the banks to extend usance period in import of life saving drugs by their clients up to maximum 180 days instead of current 90 days in view of the coronavirus outbreak.
“With a view to minimising COVID-19 pandemic related disruptions to imports of life saving drugs, it has been decided to allow the authorised dealers to extend the usance periods up to maximum of 180 days instead of current 90 days depending on the actual needs of their concerned clients,” said a BB circular issued here today.
Accoriding to BSS, other instructions with regards to import trade shall remain unchanged, the circular added.
Such relaxation will continue until September 30, 2020, according to the circular.
In foreign trade, usance is the allowable period of time, permitted by customs, between date of the bill and its payment.