The Central Government has tightened import policy conditions for specified silver products by mandating that imports of such items be backed by a valid Import Authorisation issued by the Directorate General of Foreign Trade (DGFT).
The change was notified by the DGFT on June 2 and takes effect immediately.
The revised conditions apply to silver powder, silver grains, silver containing 99.9 per cent or more by weight, and certain other forms of unwrought silver classified under Chapter 71 of the Indian Trade Classification (Harmonised System) 2022 import policy schedule, specifically ITC HS codes 71061000, 71069110, 71069120 and 71069190.
The move applies to imports undertaken through nominated agencies notified by the Reserve Bank of India (RBI) in the case of banks, nominated agencies notified by the DGFT in the case of other agencies, and qualified jewellers notified by the International Financial Services Centres Authority (IFSCA) for imports through the India International Bullion Exchange (IIBX).
According to the notification, these items continue to remain under the Restricted category. However, imports through such entities will now be permitted only against a valid Import Authorisation issued by the DGFT.
The notification clarified that the additional authorisation requirement applies wherever imports of the specified silver products are otherwise permitted through the notified banks, agencies and qualified jewellers.