India Imposes Import Restrictions on Silver Amid Economic Adjustments

The Indian government has implemented new import restrictions on silver, effective immediately. This decision follows significant increases in customs duties on precious metals introduced on May 13, 2026.

The Directorate General of Foreign Trade announced that silver bars with a purity of 99.9 percent will now require a government-issued licence for import. Previously listed as a 'Free' import category, it has been shifted to 'Restricted'. This change aims to enhance regulatory oversight on silver imports.

In addition to this restriction, the government has also raised the import duty on precious metals from 6 percent to 15 percent. This increase applies across the board, impacting both silver and gold imports, while platinum has seen an increment from 6.4 percent to 15.4 percent.

This regulatory shift aligns with broad economic measures designed to manage India's ballooning import bill in the wake of the ongoing geopolitical tensions in West Asia. Amidst these tensions, the government is also enforcing stricter conditions related to the Advance Authorisation scheme for gold imports, which allows jewellery exporters to import materials duty-free. A new limit of 100 kilograms has been set for gold imports under this scheme, which previously had no cap.

These recent measures, including the heightened customs duties, are part of Prime Minister Narendra Modi's strategy to curb non-essential imports, a call he made recently amid escalating economic concerns. The government's actions reflect a focused effort to stabilize the economy and reduce reliance on foreign currencies in light of current global tensions.