PRECIOUS METALS | India Imposes New Restrictions on Silver Imports

On May 16, according to an official notification, the Indian government has implemented new restrictions on silver imports, shifting several categories of silver products from a free import policy to a restricted import policy. According to Jin10, under the revised regulations, the import of silver bars, unrefined silver, and semi-processed silver, including silver powder, now requires government approval. Certain categories of silver imports must also comply with the Reserve Bank of India's regulations. These changes were introduced by amending the import policy directory under the Indian Trade Classification (Harmonized System). This move comes as the Indian government intensifies efforts to tighten regulations on precious metal imports and control the rising import bill. Previously, the Indian central government had increased the import duty on gold and silver from 6% to 15%. Additionally, the Directorate General of Foreign Trade in India has tightened regulations on the duty-free import of gold by jewelry and gem export companies under the 'Advance Authorization' scheme.