Government imposes curbs on import of silver, moves it to ‘restricted’ category
The Indian government has shifted silver imports from a 'free' to a 'restricted' category, requiring authorization for imports. This decision follows a significant surge in silver imports, which increased by over 157% in April compared to the previous year. The government aims to conserve foreign exchange amid rising pressures on India's forex reserves due to ongoing global conflicts.
- ▪The government raised the import duty on precious metals from 6% to 15%.
- ▪Silver imports surged to $411.06 million in April 2026, compared to $159.85 million in April 2025.
- ▪The new import policy requires government authorization for silver imports, effective immediately.
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Government imposes curbs on import of silver, moves it to ‘restricted’ categoryThe move followed its Wednesday decision to hike the import duty on precious metals such as gold and silver from 6% to 15% to curb importsPublished on: May 17, 2026 5:00 AM ISTBy Rajeev Jayaswal, New DelhiShare viaCopy link The government on Saturday made its authorisation necessary to import silver by shifting the metal from the “free” to the “restricted” category after imports surged 157.16% on an annualised basis in April.The order came days after Prime Minister Narendra Modi urged citizens to conserve foreign exchange by avoiding non-essential foreign travel and refraining from buying gold for a year (REUTERS)The move followed its Wednesday decision to hike the import duty on precious metals such as gold…
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