The Centre has restricted imports of certain silver bars with immediate effect, according to notifications issued by the Directorate General of Foreign Trade (DGFT).
Under the revised policy, silver bars containing 99.9 percent or more silver by weight, along with other specified silver bars under listed HS codes, have been shifted from the “free” category to the “restricted” category.
The change means imports in these categories will now need government authorization.
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The Government of India has tightened the policy regarding the import of silver bars, changing their status from 'Free' to 'Restricted' with immediate effect. pic.twitter.com/k4Zyq4W2rO
— ANI (@ANI) May 16, 2026
A curious turn in the bullion book
Business Standard quoted the DGFT notification as saying, "The import policy of items covered under ITC HS Code 71069221 and 71069229 has been revised from ‘Free’ to ‘Restricted’... with immediate effect.”
The revised policy applies to silver bars “containing 99.9 percent or more by weight of silver” and “other” silver bars under the semi-manufactured category.
The move was issued under the Foreign Trade (Development & Regulation) Act, 1992, and the Foreign Trade Policy, 2023.
When the treasury frowns, silver seldom strolls freely
India has curbed silver imports in nearly all forms with immediate effect as it seeks to rein in shipments and ease pressure on the rupee.
It said silver bars with 99.9% purity and all other semi-manufactured forms were brought under the restricted category. The two categories accounted for more than 90% of the country’s silver imports in the last fiscal year.
The step follows a recent increase in import tariffs on gold and silver to 15% from 6%. This move is seen as part of a broader effort to cut overseas purchases and manage foreign exchange pressures.
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Government of India just restricted silver bar imports!
— Dr. Rakesh Bansal (@iamrakeshbansal) May 16, 2026
High-purity silver bars (99.9%+) that were freely importable are now under “Restricted” category. Importers will need prior approval.
Big policy change with immediate effect.https://t.co/Zjy4My5RdO pic.twitter.com/8N5wFppsHz
A brisk hand upon the bullion tiller
The center's earlier measures included a higher import duty on precious metals and a 100 kg cap on gold imports under the advance authorization scheme, which allows jewelry exporters to import raw materials duty-free.
The revised silver import rules came into force immediately.
