%20(7).jpg)
.jpg)
%20(3).jpg)
Directorate General of Foreign Trade Tightens Silver Import Rules With Immediate Effect
Silver Import Curb: The government has tightened silver import rules, moving it from the 'free' to the restricted category. This move comes just days after increasing the import duty on precious metals from 6% to 15%, with the aim of improving trade balance.
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.
