Government Imposes Fresh Curbs on Silver Imports Amid Rising Demand

The Central Government has taken a major step to regulate silver imports by revising the country’s import policy. Following recent changes in gold import regulations, the government has now moved certain categories of silver imports from the “free” category to the “restricted” category. This means importers will now need prior government approval or a valid license before bringing silver into India. According to a notification issued by the Directorate General of Foreign Trade, silver bars with 99.9% purity, commonly known as bullion-grade silver, have been included under the restricted import category. Other types of silver bars have also been brought under tighter control. The new rules came into effect immediately after the notification was released. The decision comes at a time when tensions in West Asia are increasing concerns over India’s rising import bill. In April 2026, silver imports reportedly surged by nearly 157% compared to the previous year. To control non-essential imports and protect foreign exchange reserves, especially for critical sectors such as energy and fertilizers, the government has decided to tighten regulations on precious metals. Earlier, the government had already increased import duties on gold and silver from 6% to 15%. Import duty on platinum was also raised from 6.4% to 15.4%. Apart from this, changes were made in the duty structure for gold and silver dore, coins, and related products. The revised policy falls under the Commerce Ministry’s efforts to monitor precious metal imports more effectively. Officials believe the move will help reduce unnecessary imports and strengthen economic stability during global uncertainty. The notification also referred to specific Harmonized System (HS) codes linked to bullion-grade silver and other silver products. HS codes are internationally used classification systems for traded goods. Along with silver, the government has also tightened rules related to advance authorizations for gold imports. Earlier, there was no fixed limit under this scheme, but authorities are now increasing monitoring to prevent excessive imports. Experts believe the stricter policy could impact traders and importers in the short term, but it may help the country manage its trade balance and foreign exchange reserves more efficiently in the long run.