The government has tightened rules governing silver imports, requiring all incoming shipments of the metal to be channelled through RBI-designated agencies, entities approved by the Directorate General of Foreign Trade (DGFT), and eligible jewellers authorised by the International Financial Services Centres Authority (IFSCA) through the India International Bullion Exchange (IIBX). Such imports will now require a valid authorisation issued by the DGFT.
The move comes as authorities continue efforts to curb non-essential imports amid the ongoing West Asia crisis. Last month, import duties on both gold and silver were increased to 15%. Meanwhile, silver imports surged 157% year-on-year in April, reaching $411 million.
The move comes as authorities continue efforts to curb non-essential imports amid the ongoing West Asia crisis. Last month, import duties on both gold and silver were increased to 15%. Meanwhile, silver imports surged 157% year-on-year in April, reaching $411 million.
In a notification issued on Tuesday, the DGFT clarified that imports of silver—including silver plated with gold or platinum—in unwrought, semi-manufactured, powder or grain form, as well as silver containing 99.9% or higher purity by weight, will be permitted only against a valid import licence. This condition applies to imports made through RBI-notified agencies in the case of banks, DGFT-approved agencies in other cases, and qualified jewellers authorised by the IFSCA for transactions routed through the IIBX wherever permitted.
India sources a substantial portion of its silver imports from the UAE, the UK and China, which remain the country’s leading suppliers of the precious metal.
