Silver imports via authorised channels only

New Delhi: In a further tightening of import norms for silver, the government on Tuesday mandated that imports be routed through RBI-nominated agencies, Directorate General of Foreign Trade-approved entities and qualified jewellers authorised by the IFSCA via the India International Bullion Exchange against a valid import authorisation.

The import authorisation will be issued by the DGFT. Last month, the government raised import duty on gold and silver to 15% to curb non-essential imports amid the West Asia crisis. Silver imports in April jumped 157% year-on-year to $411 million.

In a notification, the DGFT said that import of silver (including silver plated with gold or platinum), unwrought or in semi-manufactured forms, or in powder form; powder, grains; and containing 99.9% or more by weight of silver, “through nominated agencies notified by the RBI, in the case of banks, by the DGFT, in case of other agencies, and by qualified jewellers as notified by the IFSCA for import through the India International Bullion Exchange (IIBX), wherever allowed, shall be permitted only against a valid import authorisation issued by the DGFT”.

The UAE, UK and China are the largest import sources of silver for India.