Centre Restricts Import Of Certain Semi-Manufactured Silver Bars With Immediate Effect

The Central Government has tightened import rules for certain categories of silver bars, shifting them from the “Free” to the “Restricted” category with immediate effect, according to a notification issued by the Directorate General of Foreign Trade (DGFT) on May 16.

The move affects semi-manufactured silver covered under Chapter 71 of the Indian Trade Classification (Harmonised System) 2022 import policy schedule, specifically ITC HS codes 71069221 and 71069229.

The first category covers silver bars containing 99.9% or more silver by weight. The second applies to other silver bars falling under the same tariff heading.

Until this amendment, both categories could be imported freely, subject to Reserve Bank of India regulations. The revised notification changes their import status to “Restricted” and makes them subject to Policy Condition No. 7 of Chapter 71 of the ITC (HS) 2022 Schedule-I (Import Policy).

Under the new “Restricted” status, importers must now meet the specific criteria of acquiring mandatory government authorization or a valid license before shipments can enter the country.

“The Import Policy of items covered under ITC HS Code 71069221 and 71069229 are revised from 'Free' to 'Restricted' subject to Policy Condition No. 7 of Chapter 71 of ITC (HS) 2022, Schedule-I (Import Policy) with immediate effect," the notification said.

The notification follows closely after a separate government action that increased import duties on gold and certain other precious metals from 6% to 15%.