Days after sharply raising import duties on gold, silver and platinum and capping duty-free gold imports for use in jewellery exports, the Centre on Friday tightened import norms for select categories of silver bars by moving them from the “free” to the “restricted” category.
The latest move, notified by the Directorate General of Foreign Trade (DGFT), is part of a broader clampdown on precious metal inflows amid concerns over surging imports, pressure on the trade deficit and weakening of the rupee.
Under the revised policy, imports of certain silver bars will now require government authorisation, to allow authorities tighter oversight.
“The import policy of items covered under ITC HS Code 71069221 (silver bars containing 99.9 per cent or more by weight of silver) and 71069229 (silver bar–other) are revised from `free’ to `restricted’…with immediate effect,” per the DGFT notification issued on Saturday.
On May 13, the government raised import duty on gold and silver to 15 per cent from 6 per cent and on platinum to 15.4 per cent from 6.4 per cent.
The following day, on May 14, restrictions on duty-free gold imports under the Advance Authorisation (AA) scheme were imposed. Under the AA scheme, jewellers are allowed to import inputs such as gold duty-free provided they are used for manufacturing export products.
The government imposed restrictions such as a duty-free import cap of 100 kg per authorisation, mandatory inspection for first-time applicants and stricter reporting requirements.
India’s gold imports in April 2026 jumped 81.7 per cent year-on-year to $5.6 billion, according to Commerce Ministry data released on May 15. Silver imports rose even faster, surging 157 per cent to $411 million during the month.