wp_schedule_event every day at specific time

I write Following code to run my function every day at 16:20 ..

But I guess is the problem in code..

not working

if( !wp_next_scheduled( 'import_into_db' ) ) {
wp_schedule_event( time('2015-03-28 16:20:00'), 'daily', 'import_into_db' );

function import_into_db(){

////My code

}
add_action('wp', 'import_into_db');
}