New Delhi: The Central Government has introduced stricter rules for the import of silver in a move aimed at reducing non-essential imports and controlling foreign exchange outflow.
According to a fresh government notification, several categories of silver imports have now been shifted from the “free” category to the “restricted” category, making the import process significantly tougher for traders and companies.
The decision comes just days after the government, on May 13, increased the import duty on gold and silver from 6 percent to 15 percent.
Under the new rules, imports of 99.9 percent purity silver bars, unrefined raw silver, silver powder, semi-manufactured silver and silver coated with gold or platinum will no longer be allowed freely into the country.
Companies and traders will now require special permissions and approvals to import such products into India.
The government believes the move will help reduce excessive imports of precious metals and ease pressure on the country’s foreign exchange reserves.
