The Directorate General of Foreign Trade (DGFT) under the aegis of the Ministry of Commerce & Industry, Government of India has simplified the rules for silver imports, opening up new opportunities for traders. This modification affects HS codes 71069110 and 71069290 in Chapter 71 of Schedule-1 (Import Policy) of ITC HS, 2022.
Previously, silver imports were highly restricted, with only nominated agencies being allowed to handle them, as designated by RBI for banks and DGFT for other agencies. Refineries could also import silver doré under certain conditions.
However, the new rules are more inclusive. Importation is now open not only through nominated agencies as identified by RBI (for banks) and DGFT (for other agencies) but also by qualified jewellers designated by the International Financial Services Centres Authority (IFSCA). These changes apply to imports through the India International Bullion Exchange (IIBX), where silver doré can still be imported by refineries.
This development is expected to have a positive impact on India’s silver trade, providing qualified jewellers with additional avenues for their silver imports, and aligning with the government’s goals of streamlining trade through IFSCA.