Key Highlights
- DGFT authorisation now mandatory for silver imports.
- Rule applies to RBI-nominated agencies, DGFT-approved entities, and qualified jewellers.
- Imports through India International Bullion Exchange (IIBX) also covered.
- Applicable to silver with 99.9% purity or higher.
- Government recently raised gold and silver import duty to 15%.
- Silver imports jumped 157% to $411 million in April 2026.
- FY26 silver imports surged around 150% to $12 billion.
- Major import sources include UAE, UK, and China.
- Move aimed at strengthening import monitoring and protecting forex reserves.
New Delhi: The Central Government has further tightened silver import regulations by making DGFT import authorisation mandatory for silver imports undertaken through RBI-nominated agencies, DGFT-approved entities, and qualified jewellers importing via the India International Bullion Exchange (IIBX).
According to a notification issued by the Directorate General of Foreign Trade (DGFT), imports of silver, including silver plated with gold or platinum, unwrought or semi-manufactured silver, silver powder, grains, and silver containing 99.9% purity or higher, will now require a valid import authorisation before shipments can enter the country.
The move comes shortly after the government increased the import duty on gold and silver to 15% amid concerns over rising precious metal imports and pressure on India’s foreign exchange reserves due to the ongoing West Asia crisis.
India witnessed a sharp rise in silver imports during the last financial year. Silver imports surged 157% year-on-year to $411 million in April 2026, while total imports during FY26 climbed around 150% to nearly $12 billion.
The government aims to strengthen oversight of precious metal imports while ensuring that imports are routed through authorized channels. India primarily imports silver from the UAE, the United Kingdom, and China, with the metal being widely used in jewellery manufacturing, electronics, solar panels, and industrial applications.
Highlights
✔ DGFT approval now compulsory for silver imports
✔ Applies to banks, agencies and qualified jewellers
✔ Silver imports surged 150% to $12 billion in FY26
✔ Move follows recent 15% import duty hike
✔ Aims to improve oversight and protect forex reserves
