17 May,2026 03:08 PM IST | Mumbai | mid-day online correspondent
Silver imports moved to restricted category. Representational Pic
India has tightened oversight of silver imports by moving several categories of the metal from the "free" import policy regime to the "restricted" category, according to a government notification issued on Saturday, as reported by IANS.
The decision introduces a requirement for prior government approval before importing key forms of silver, marking a stricter regulatory approach to precious metals inflows.
Under the revised framework, imports of silver bars with 99.9 per cent purity, unwrought silver, semi-manufactured silver and silver powder will now require explicit government clearance before being allowed into the country, reported the news agency.
The changes have been implemented through amendments to the import policy schedule under the ITC (HS) classification and have come into immediate effect.
Certain categories of imports will continue to be governed by Reserve Bank of India (RBI) regulations, adding an additional layer of financial compliance for importers.
Earlier, most silver imports fell under the "free" category, allowing shipments with standard regulatory checks and minimal restrictions. The shift now places bullion-grade and semi-processed silver under tighter scrutiny, requiring importers to obtain prior approval before any consignment is cleared, as per the news agency.
Industry observers say the move is aimed at strengthening monitoring of precious metal inflows, improving supply chain oversight and curbing excessive imports across industrial, manufacturing and investment segments.
This move is a part of broader policy tightening on precious metals. The latest step follows earlier measures by the Centre, including an increase in import duties on gold and silver from 6 per cent to 15 per cent. In parallel, the Directorate General of Foreign Trade (DGFT) has also tightened rules under the Advance Authorisation (AA) scheme used by gems and jewellery exporters.
Under revised AA norms, gold imports are capped at 100 kg per licence, while first-time applicants must undergo physical inspection of manufacturing facilities before approval. Repeat applicants face stricter export obligations and enhanced reporting requirements supported by chartered accountant certifications, reports IANS.
The new restrictions are expected to increase regulatory scrutiny across the precious metals sector, potentially affecting bullion traders, jewellery manufacturers and industrial users dependent on imported silver supplies.
(With IANS Inputs)
