India Imposes Silver Import Curbs To March 2026
The Government of India has changed the import policy for silver and certain silver jewellery items, making them “Restricted” instead of “Free”. This restriction will remain in place until March 31, 2026.
Reason Behind the Move
Officials say the change was prompted by a sharp rise in silver imports, especially from ASEAN countries like Thailand. They suspect duty evasion through misclassification of goods under trade agreements. Prior to this change, imports of silver and unstudded silver jewellery faced no restrictions.
What Is Affected
The new policy covers articles of silver, parts of precious metal of silver, unstudded silver jewellery, and similar items that were earlier allowed without licensing. Under the restricted category, importers must now obtain a licence from the government before bringing in these goods.
Trade and Policy Implications
Authorities argue that this curbs misuse of Free Trade Agreements and addresses large flows of silver into India disguised as finished products. Some estimates suggest up to 40 metric tonnes of silver may have been imported via Thailand in attempts to bypass duties. The change could lead to increased costs for businesses relying on imported silver.
Broader Export Rule Change
In a related move, the Directorate General of Foreign Trade (DGFT) also amended rules for non-basmati rice exports. Now, exporters must register their contracts with the Agricultural and Processed Food Products Export Development Authority (APEDA) to be eligible.
