Government tightens silver import rules, mandates DGFT authorisation

The government on Tuesday mandated that imports of silver through RBI-nominated agencies, DGFT-approved entities and qualified jewellers through the India International Bullion Exchange will be allowed only against a valid import authorisation.

The move has further tightened import norms for silver.

The import authorisation will be issued by the Directorate General of Foreign Trade (DGFT).

Last month, the government hiked import duty on gold and silver to 15% to curb non-essential imports amid the West Asia crisis, which has put pressure on forex reserves.

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, any by qualified jewellers as notified by the IFSCA for import through India International Bullion Exchange (IIBX), wherever allowed, shall be permitted only against a valid import authorisation issued by the DGFT," a notification of the directorate said.

Silver imports in April jumped 157% year on year to USD 411 million. It was up about 150% at $12 billion in 2025-26.

India mainly imports from the UAE, the UK, and China. The precious metal is used in both jewellery manufacturing and industrial applications.

(Except for the headline, Fortune India has not edited the content of this PTI report.)