New Delhi, May 17 (APAC Media): The Centre on Saturday imposed restrictions on silver imports by bringing the precious metal under a licence regime, days after increasing customs duty on gold and silver imports to curb non-essential imports and conserve foreign exchange reserves.
In a notification, the Directorate General of Foreign Trade (DGFT) said imports of silver, including silver plated with gold or platinum, have been placed under the “restricted” category with immediate effect, making government licences mandatory for imports.
The move comes after the government earlier this week raised the effective import duty on gold and silver to 15 per cent from 6 per cent.
The Government of India has tightened the policy regarding the import of silver bars, changing their status from ‘Free’ to ‘Restricted’ with immediate effect. pic.twitter.com/k4Zyq4W2rO
— ANI (@ANI) May 16, 2026
Photo Source: ANI
Officials said the measures were aimed at reducing pressure on India’s external account and supporting the rupee amid rising global crude oil prices and volatility triggered by the ongoing West Asia conflict.
India’s foreign exchange reserves have reportedly declined by nearly $38 billion since the start of the conflict, while the rupee has weakened sharply against the US dollar.
According to trade data, India’s silver import bill witnessed a sharp rise in 2025-26, raising concerns over increasing outflows of foreign exchange. The country imports more than 80 per cent of its silver requirements, mainly from the UAE, Britain and China.
However, Industry bodies warned that higher import duties and tighter controls could raise costs for jewellers and exporters and may also encourage smuggling.
Disclaimer: Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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