1 / 5
According to a notification issued by the Directorate General of Foreign Trade (DGFT), silver has been shifted from the “free” to the “restricted” category with immediate effect. This means importers will now need government approval or a licence before bringing silver into the country.
Big step
2 / 5
The decision comes just days after the government increased import duty on precious metals like gold and silver from 6% to 15%. These steps are part of a broader strategy to curb rising imports of non-essential items and conserve foreign exchange amid global uncertainties.
Restriction
3 / 5
The restriction specifically applies to silver classified under HS Codes 71069221 and 71069229, which include bullion-grade silver bars with 99.9% purity and other forms of silver bars. HS codes are used globally to classify traded goods.
Recent remarks
4 / 5
The government’s action also aligns with recent remarks by PM Narendra Modi, who urged citizens to reduce spending on non-essential imports like gold and avoid unnecessary foreign travel to help preserve foreign exchange reserves.
Precious metal imports
5 / 5
Precious metal imports have been a major contributor to the outflow of foreign exchange. In FY2026, gold imports rose 24.08% to $71.98 billion, while silver imports surged 149.48% to $12.05 billion.
