Further tightening the rules on import of silver, the government on Tuesday said the precious metal can now be imported only after obtaining the Directorate General of Foreign Trade's approval, when routed through banks or other RBI-nominated agencies.
The regulatory nod will also be required for imports of silver through DGFT-approved entities. The rule will also be applicable for routing the metal through the India International Bullion Exchange.
Last month, the government hiked import duty on gold and silver to 15% to curb non-essential imports amid the West Asia crisis, which has put pressure on forex reserves.
ALSO READ: Silver Imports Rocket 157%, Gold Jumps 82% In April, Trade Data Shows
Import of silver (including silver plated with gold or platinum), unwrought or in semi manufactured forms, or in powder form, powder, grains, and containing 99.9 per cent or more by weight of silver, "through nominated agencies notified by the RBI, in the case of banks, by the DGFT, in case of other agencies, any by qualified jewellers as notified by the IFSCA for import through India International Bullion Exchange (IIBX), wherever allowed, shall be permitted only against a valid import authorisation issued by the DGFT," a notification of the directorate said.
Silver imports in April jumped 157% on year to USD 411 million. It was up about 150% at USD 12 billion in 2025-26.
India mainly imports from the UAE, the UK, and China. The precious metal is used in both jewellery manufacturing and industrial applications.
ALSO READ | OYO IPO: Hotel Chain's Parent Gets SEBI Nod; Aims For Rs 6,650 Crore Via Fresh Issue
(With PTI inputs)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
