The Directorate General of Foreign Trade (DGFT), which reports to the Ministry of Commerce and Industry, has simplified the restrictions for silver imports, creating new opportunities for dealers. This change impacts HS codes 71069110 and 71069290 in ITC HS, 2022 Chapter 71 of Schedule-1 (Import Policy).
Previously, only nominated agencies, such as the RBI for banks and the DGFT for other agencies, were permitted to handle silver imports. Under specific situations, refineries might potentially import silver doré.
The new rules, on the other hand, are more inclusive. Importation is now permitted not just through RBI-approved agencies (for banks) and DGFT-designated agencies (for other agencies), but also through qualified jewellers designated by the International Financial Services Centres Authority (IFSCA). These changes apply to imports via the India International Bullion Exchange (IIBX), where refineries can still import silver doré.
This initiative is likely to benefit India’s silver trade by giving qualified jewellers more options for silver imports and aligning with the government’s goals of streamlining trade through IFSCA.