India imposes fresh curbs on import of silver
Under the revised rules, imports of silver bars, unwrought silver and semi-manufactured silver forms, including silver in powder form, will now require mandatory government approval.
India today (16 May) imposed fresh curbs on import of silver, within days of sharply raising customs duties on precious metals.
The import policy for silver, including silver plated with gold and platinum, have been shifted from free to restricted category with immediate effect, the Directorate General of Foreign Trade said in a notification.
The import of goods in the restricted category needs a government license.
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Under the revised rules, imports of silver bars, unwrought silver and semi-manufactured silver forms, including silver in powder form, will now require mandatory government approval.
Certain categories of silver imports have also been made subject to Reserve Bank of India regulations.
On 13 May, the government hiked import duty on precious metals from 6% to 15% to ease pressure on foreign exchange reserves from high oil prices due to the Middle East war.
Earlier, the DGFT tightened norms for duty-free gold imports by gems and jewellery exporters under the Advance Authorisation (AA) scheme.
