The government has tightened its regulations regarding the importation of silver, which will come into effect immediately. This follows the hike in customs duties for precious metals a few days earlier.

The Directorate General of Foreign Trade has issued a notification in connection with the above development. Silver, along with gold and silver plated with platinum, will fall under the category of “restricted imports,” while they are classified under “free imports” at present. All goods that fall under the “restricted imports” category are subject to compulsory import licenses.

An increase in the customs duty for precious metals from 6 percent to 15 percent took place on May 13. This is the second major step in a row that will impact the import of precious metals. These steps will directly impact the silver trade in the country.

The government has made a significant change to its policy regarding silver imports. Previously, silver imports were in the free category, meaning they were easily imported. Now, it has been placed in the restricted category. This change means that importers will now need to obtain government permission to import silver. This process will make imports more regulated and complex.

Before imposing the ban on silver, the government had increased the import duty on precious metals. On May 13th, this duty was increased from 6% to 15%. This increase also applied to gold and other precious metals. Both these steps will make the import of precious metals into the country more expensive. This is another important economic decision by the government.