Summary: The Indian government has imposed stricter regulations on the import of silver bars with 99.9% purity, reclassifying them from the ‘free’ category to the ‘restricted’ category. Alongside this, import duties on gold and silver have been increased from 6% to 15%, and an import limit of 100 kilograms on gold has been set under the Advance Authorization Scheme. These measures are intended to conserve foreign currency amid the ongoing West Asian crisis and rising oil prices. Kathmandu, 3rd Jestha.
Amid tensions in West Asia, the Indian government has extended its stringent policies on gold imports to silver as well. According to a notification issued by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry, silver bars with 99.9% purity have been moved from the ‘free’ import category to the ‘restricted’ category. Other types of silver bars have also been added to the restricted import list. This amendment aims to control silver imports into the country in alignment with the revised import policy from the Ministry of Commerce.
The notification states that the new rules on silver imports are effective immediately. Earlier, the government had already increased import duties on precious metals significantly and imposed a 100-kilogram limit on gold imports under the Advance Authorization Scheme. Given the pressing import expenses exacerbated by the West Asian crisis, the government has raised import duties on gold and silver to 15% to discourage unnecessary purchases.
