Kolkata: Close to the recent changes in import duties on precious metals, the government has placed new restrictions on silver import. The policy shift comes as part of broader measures to manage the inflow of precious metals to put a leash on current account deficit.
The Directorate General of Foreign Trade has made it mandatory for silver importers to obtain a government license. This move is expected to curb easy entry of silver into the market, aligning it with the administration’s intent to reduce deficit and regulate foreign exchange outflows.
Earlier, on May 13, customs duties on precious metals were hiked significantly from 6% to 15%. This latest directive requires silver imports, including those plated with gold and platinum, to undergo a more rigorous import process. Previously classified as free for import, these goods now fall under a restricted category.
The country annually imports 6000-7000 tonnes of silver. Price of silver has skyrocketed to Rs 3 akh per kg in last January.