Govt restricts 99.9% silver bar imports, permit now mandatory for category

India’s government has tightened import rules for high-purity silver bars, requiring authorization for all imports of silver bars containing 99.9% or more silver by weight, as well as other silver bars under specific HS codes (71069221 and 71069229). The Directorate General of Foreign Trade (DGFT) issued a notification on May 16, 2026, moving these categories from the 'free' to 'restricted' list under Policy Condition No. 7 of Chapter 71 of the ITC (HS) 2022 schedule. Previously, these imports were allowed without restrictions, subject only to Reserve Bank of India regulations. The policy change applies immediately and aligns with broader government efforts to control precious metals imports. Earlier this week, the government capped gold imports under the Advance Authorisation scheme at 100 kilograms per license and tightened compliance rules for jewelry exporters. India remains the world’s largest consumer of silver and one of the biggest importers of precious metals globally. The latest restrictions reflect ongoing efforts to regulate trade in high-demand commodities amid fluctuating global prices and domestic demand pressures. The DGFT notification explicitly states that imports under the revised policy will now be subject to government approval, marking a significant shift in trade regulations for the silver industry.