Import Authorisation made mandatory for Silver

The Central Government has revised the import policy conditions applicable to certain silver products classified under ITC (HS) Codes 71061000 (Silver Powder), 71069110 (Silver Grains), 71069120 (Silver containing 99.9% or more by weight), and 71069190 (Other Silver). 

The amendment does not alter the existing “Restricted” import policy status of these items but imposes an additional requirement that imports by eligible entities shall be permitted only against a valid Import Authorisation issued by DGFT. 

Prior to the amendment, imports were permitted through nominated agencies notified by the Reserve Bank of India (RBI), nominated agencies recognised by DGFT, and qualified jewellers notified by the International Financial Services Centres Authority (IFSCA) for imports through the India International Bullion Exchange (IIBX). 

The revised framework retains these eligibility conditions but additionally requires such imports to be backed by a DGFT-issued Import Authorisation. The notification came into effect immediately upon issuance.