- By Vaidika Thapa
- Sat, 16 May 2026 08:58 PM (IST)
- Source:JND
India has tightened its rules on silver imports after the government moved several categories of silver products from the “free” to the “restricted” import category. Under the new policy issued on Saturday, importers will now need government permission to bring certain silver items into the country.
India Restricts Silver Bar Imports
According to the revised notification issued by the Directorate General of Foreign Trade (DGFT), silver bars with 99.9 per cent purity, unwrought silver, and certain semi-processed silver products have now been placed under the restricted category. This means traders and importers must obtain government authorisation or licences before importing these products into India.
The press release noted, "In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2023, as amended from time to time, the Central Government hereby amends the import policy of ITC (HS) code 71069221 and 71069229 covered under Chapter 71 of ITC (HS) 2022, Schedule - I (Import Policy) with immediate effect."
The Government of India has tightened the policy regarding the import of silver bars, changing their status from 'Free' to 'Restricted' with immediate effect. pic.twitter.com/k4Zyq4W2rO
— ANI (@ANI) May 16, 2026
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Immediately Effective
The new rules have come into effect immediately. The directive comes at a time when India is trying to control non-essential imports and manage foreign exchange outflows amid the West Asia crisis. The government had earlier increased customs duties on precious metals. Effective May 13, import duty on gold and silver rose from 6 per cent to 15 per cent, while import duty on platinum increased from 6.4 per cent to 15.4 per cent.
Meanwhile, the government has indicated that reducing avoidable imports and controlling foreign exchange expenditure remain key priorities. In a recent speech, Prime Minister Narendra Modi called on people to stop buying gold for a year. “A huge amount of the country's money also goes abroad on gold imports. Therefore, I would urge all of you, my fellow countrymen, to postpone the purchase of gold until the situation returns to normal,” PM Modi said.