Days after significantly increasing import duties on gold, silver, and platinum, and imposing limits on duty-free gold imports for jewelry exports, the Indian government has tightened import regulations for certain categories of silver bars. This change, which shifts select silver bars from the “free” to the “restricted” import category, was announced by the Directorate General of Foreign Trade (DGFT) and is part of a broader effort to manage precious metal imports amidst concerns over rising trade deficits and a weakening rupee.
The revised import policy mandates that certain silver bars containing 99.9 percent or more silver by weight, classified under ITC HS Code 71069221, and other silver bars under Code 71069229 will now require government authorization. This change is aimed at giving regulatory authorities tighter control over the inflow of these metals.
On May 13, the government escalated import duties on gold and silver to 15 percent from 6 percent, with platinum duties rising to 15.4 percent from 6.4 percent. Following this, on May 14, new restrictions concerning duty-free gold imports under the Advance Authorization (AA) scheme were enacted. This scheme allows jewelers to import gold duty-free, provided it is utilized for manufacturing export products.
The imposed restrictions include a duty-free import cap of 100 kg per authorization, mandatory inspections for first-time applicants, and stricter reporting requirements.
According to data from the Commerce Ministry released on May 15, India’s gold imports in April 2026 surged by 81.7 percent year-on-year, reaching $5.6 billion, while silver imports saw a more dramatic increase of 157 percent, amounting to $411 million during the same month.
Published on May 16, 2026.
