The government has imposed fresh restrictions on silver imports by moving multiple categories of the precious metal from the “free” import regime to the “restricted” category, according to an official notification.
Under the revised policy, imports of silver bars with 99.9 per cent purity, unwrought silver, semi-manufactured silver and silver powder will now require mandatory government approval before shipments can enter the country. Certain imports will also remain subject to regulations framed by the Reserve Bank of India.
The amendments were introduced through changes to the ITC (HS) import policy schedule and came into effect immediately.
Government tightens control over silver imports
The revised rules cover a broad range of silver products used across bullion trading, investment and manufacturing sectors. These include high-purity silver bars as well as semi-processed silver used by industrial units and jewellery makers.
Until now, these categories largely fell under the “free” import policy, allowing importers to bring in consignments with standard regulatory clearances. With the latest revision, importers will need prior approval from the government before importing these products.
Officials said the move is part of broader efforts to strengthen oversight of precious metal inflows and monitor imports more closely.
Restricted category now applies to key silver products
By shifting these categories into the “restricted” regime, the government has effectively made prior clearance compulsory for importers dealing in bullion-grade and semi-manufactured silver products.
Apart from government approval requirements, some categories of imports will continue to be monitored under RBI norms, adding another layer of financial and compliance checks for traders.
Part of wider precious metals policy overhaul
The latest curbs come amid a larger policy push to tighten regulations around precious metals imports and curb the country’s rising import bill.
Earlier, the Centre increased import duties on gold and silver to 15 per cent from 6 per cent. The Directorate General of Foreign Trade (DGFT) had also tightened norms for duty-free gold imports under the Advance Authorisation scheme used by gems and jewellery exporters.
Under those revised norms, duty-free gold imports were capped at 100 kg per licence. First-time applicants were also subjected to mandatory physical inspection of manufacturing facilities before approval. The DGFT additionally introduced stricter compliance requirements for repeat applicants, including tighter export obligation norms and enhanced reporting backed by chartered accountant certifications.
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