India Restricts Most Silver Imports to Cut Import Bill, Support Rupee
The move follows a record $12 billion in silver imports last fiscal year and a 157% jump in April shipments, trade ministry data showed.
- On Saturday, India restricted imports of silver in nearly all forms with immediate effect, targeting silver bars with 99.9% purity and semi-manufactured forms to ease pressure on the rupee.
- Earlier this week, the government raised import tariffs on gold and silver to 15% from 6% to reduce overseas purchases and protect foreign exchange reserves amid rising oil prices.
- India meets more than 80% of its silver consumption through imports, sourcing the metal mainly from the United Arab Emirates, Britain, and China; these restricted categories accounted for more than 90% of last fiscal year's imports.
- Chirag Thakkar, chief executive of Amrapali Group Gujarat, said, "This move will reduce imports and tighten supplies in the local market," expecting silver to trade at a premium in the coming weeks.
- Lower demand from the world's biggest consumer could weigh on global silver prices, as April imports surged 157% to $411 million following record inflows into silver ETFs over the past year.
11 Articles
11 Articles
India Restricts Silver Imports to Reduce Import Bill and Support Rupee
India has imposed immediate restrictions on imports of silver in nearly all forms as part of efforts to reduce the country’s import bill and support the weakening rupee. The government has moved silver bars with 99.9% purity and other semi-manufactured silver products into the restricted category, impacting more than 90% of the country’s silver imports. India is the world’s largest silver consumer and relies on imports for over 80% of its demand…
India Restricts Import of High-Purity Silver Bars Under Revised ITC HS Policy
The Government of India strengthened controls on silver imports, issuing a notification that revises the import policy for certain categories of silver bars. According to Notification No. 7/2026-27, dated May 16, 2026, theDirectorate General of Foreign Trade (DGFT) has amended the import status of silver bars under ITC HS Codes 71069221 and 71069229.Also Read:Mere Change of Opinion Based on Revenue Audit Objection Cannot Sustain Reassessment Wit…
Silver falls again: are Fed rate fears about to hit prices harder?
Silver extended its decline for a third consecutive session on Monday, with XAG/USD trading around $74.20 per troy ounce during Asian hours.Investors reacted to India’s surprise restrictions on silver imports, rising expectations of another Federal Reserve rate hike and weaker investment demand projections from UBS.The precious metal also came under pressure from a stronger US Dollar and broader risk aversion across financial markets as geopolit…
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