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.<\/p>\n
According to a fresh government notification, several categories of silver imports have now been shifted from the \u201cfree\u201d category to the \u201crestricted\u201d category, making the import process significantly tougher for traders and companies.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Companies and traders will now require special permissions and approvals to import such products into India.<\/p>\n
The government believes the move will help reduce excessive imports of precious metals and ease pressure on the country\u2019s foreign exchange reserves.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u201cfree\u201d category to the \u201crestricted\u201d category, making the import process significantly […]<\/p>\n","protected":false},"author":1,"featured_media":65137,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,37],"tags":[15020,15021],"class_list":["post-65136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-national","tag-centre-tightens-silver-import","tag-rules-after-steep-hike-in-import-duty"],"yoast_head":"\n