Government Tightens Grip on Silver Imports

The government has imposed restrictions on silver imports just days after increasing customs duties on precious metals. The import duty for precious metals was raised from 6% to 15%. Silver import policy, including silver plated with gold and platinum, now requires a government license.

In a swift move following recent changes in import duties on precious metals, the government has placed new restrictions on silver imports. Announced on Saturday, the policy shift comes as part of broader measures to manage the inflow of valuable commodities.

Earlier, on May 13, customs duties on precious metals were hiked significantly from 6% to 15%. This latest directive requires silver imports, including those plated with gold and platinum, to undergo a more rigorous import process. Previously classified as free for import, these goods now fall under a restricted category.

The Directorate General of Foreign Trade has made it mandatory for silver importers to obtain a government license. This move is expected to curb easy entry of silver into the market, aligning it with the administration's intent to reduce deficit and regulate foreign exchange outflows.