ECONOMY
After gold, silver imports too under strict curbs to ease pressure on the rupee
- IBJ Bureau
- May 17, 2026
The government has tightened control over imports of silver by shifting several categories of the precious metal from the “free” import policy regime to the “restricted” category, according to a fresh government notification.
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 prior government’s approval before shipments can enter the country.
Certain categories of imports will also continue to fall under the Reserve Bank of India’s (RBI) regulations, adding stricter financial compliance requirements for importers.
The changes have been introduced through amendments to the import policy schedule under the ITC (HS) classification and take immediate effect.
The move marks a significant tightening of control over the silver supply chain, covering a wide range of products used across industrial, manufacturing and investment segments.
Until now, most of these categories were imported under the “free” regime, which allowed shipments with standard regulatory clearances and limited restrictions.
With the latest notification, importers will now have to seek explicit approval from the authorities before bringing in consignments of bullion-grade silver and semi-processed silver products.
Industry observers believe that the step is aimed at improving monitoring of precious metal inflows and curbing excessive imports.
The latest curbs come amid the government’s broader push to reduce pressure on India’s import bill and strengthen oversight of precious metals trade.
Earlier, the Centre had increased import duties on gold and silver to 15 per cent from 6 per cent.
In parallel, the Directorate General of Foreign Trade (DGFT) has tightened rules governing duty-free gold imports under the Advance Authorisation (AA) scheme used by gems and jewellery exporters.
Under the revised norms, gold imports under the AA scheme have been capped at 100 kg per licence.
First-time applicants are now required to undergo physical inspection of manufacturing facilities before approvals are granted.
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