The Centre on Saturday has imposed immediate restrictions on the import of select categories of silver bars amid the ongoing conflict in West Asia, according to a notification issued by the Directorate General of Foreign Trade (DGFT).
Under the revised import policy announced by the Commerce Ministry, silver bars with 99.9 per cent purity have been shifted from the “Free” import category to the “Restricted” category. Several other specified silver bar categories have also been brought under restricted imports.
The move is aimed at tightening oversight and improving regulation of silver imports into the country.
The DGFT notification stated that the revised import rules for silver have come into effect immediately.
A day earlier, the Centre had sharply raised import duties on precious metals and introduced a 100-kilogram cap on gold imports under the Advance Authorisation scheme. The scheme permits jewellery exporters to import raw materials duty-free.
In addition, the government has strengthened the conditions for granting and monitoring advance authorisation for gold imports. Previously, there was no quantitative limit on gold imports under the scheme.
