The Government of India has tightened the import policy for silver bars, changing their status from “Free” to “Restricted” with immediate effect, according to a notification issued by the Directorate General of Foreign Trade (DGFT). 

The move applies to imports under ITC (HS) codes 71069221 and 71069229, which cover silver bars containing 99.9 percent or more silver by weight, as well as other silver bars classified under semi-manufactured silver products. 

The notification, issued by the Ministry of Commerce and Industry on May 16, 2026, said the import policy has been amended under the Foreign Trade (Development & Regulation) Act, 1992, and the Foreign Trade Policy, 2023. 

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Earlier, imports of these products were permitted freely, subject to Reserve Bank of India regulations. Under the revised framework, imports will now be “Restricted” and subject to Policy Condition No. 7 of Chapter 71 of the ITC (HS) 2022 Schedule-I (Import Policy). 

“The Import Policy of items covered under ITC HS Code 71069221 and 71069229 are revised from ‘Free’ to ‘Restricted’ subject to Policy Condition No. 7 of Chapter 71 of ITC (HS) 2022, Schedule-I (Import Policy) with immediate effect,” the notification said. 

The notification was issued with the approval of the Minister of Commerce and Industry and signed by DGFT Director General Lav Agarwal. 

The government had earlier raised import duties on precious metals and imposed a 100-kg cap on gold imports under the Advance Authorisation scheme, which permits jewellery exporters to bring in raw materials duty-free. 

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It also tightened norms for the issuance and monitoring of advance authorisations for gold imports. Previously, there was no import ceiling on gold imports under the scheme. 

In addition, the government sharply increased import duties on gold and silver to 15 per cent in a bid to curb purchases and reduce non-essential imports amid a widening import bill during the West Asia crisis. 

Published on: May 16, 2026 8:15 PM IST