Government restricts import of select silver bars amid West Asia tensions
PTC Web Desk: The Centre has imposed fresh restrictions on the import of certain categories of silver bars with immediate effect, amid heightened tensions in West Asia and growing concerns over precious metal imports.
According to a notification issued by the Directorate General of Foreign Trade (DGFT), silver bars with 99.9 per cent purity have been shifted from the “Free” category to the “Restricted” category under Chapter 71 of the ITC (HS) 2022 import classification. Several other specified categories of silver bars have also been brought under the restricted import list.
The revised policy, notified by the Commerce Ministry, states that the import of these silver products will now be governed by Policy Condition No. 7 of Chapter 71. Officials said the move is aimed at strengthening oversight and improving monitoring of silver imports into the country.
The DGFT notification clarified that the revised import conditions have come into force immediately.
The latest measure comes a day after the government tightened norms for precious metal imports by sharply increasing import duty on select items and introducing a 100-kg cap on gold imports under the Advance Authorisation scheme.
The scheme allows jewellery exporters to import raw materials without paying customs duty, subject to export obligations. Until now, there was no quantitative limit on gold imports under the mechanism.
The government has also introduced stricter compliance and monitoring conditions for the issuance of advance authorisations linked to gold imports, signalling a broader push to regulate inflows of precious metals more closely.
- With inputs from agencies
