The Government of India has implemented a notable change in its import policy for silver bars, immediately reclassifying them from a “Free” to a “Restricted” category. This directive, issued by the Directorate General of Foreign Trade (DGFT) on May 16, 2026, signifies a stricter approach to silver imports.
The policy shift specifically targets imports under ITC (HS) codes 71069221 and 71069229. These codes cover silver bars with a purity of 99.9 percent or more by weight, as well as other silver bars categorized as semi-manufactured silver products. Previously, these products could be imported freely, subject only to Reserve Bank of India regulations.
New Import Conditions for Silver Bars
Under the revised framework, the import of these silver products will now be subject to Policy Condition No. 7 of Chapter 71 of the ITC (HS) 2022 Schedule-I (Import Policy). This means importers will need to adhere to specific licensing or authorization requirements set by the government, moving away from the earlier unrestricted access.
The notification, issued by the Ministry of Commerce and Industry, confirms that the amendment has been made under the provisions of the Foreign Trade (Development & Regulation) Act, 1992, and the existing Foreign Trade Policy, 2023. The decision received approval from the Minister of Commerce and Industry and was signed by DGFT Director General Lav Agarwal.
Impact on Silver Trade
This policy change is expected to have a direct impact on the domestic silver market and trade, potentially influencing supply dynamics and pricing. Stakeholders in the precious metals industry will need to adjust to the new regulatory environment for silver imports.