Govt imposes curbs on silver imports after sharp rise in shipments | Economy & Policy News

The government on Saturday imposed restrictions on the import of silver, according to a notification from the Directorate General of Foreign Trade (DGFT).

The notification from the DGFT comes within a week of the government raising the duty on the import of the precious metal to 15 per cent from 6 per cent.

Commodities under the restricted category require a government-issued licence for imports.

The government’s decision to hike the import duty on silver and impose restrictions likely stems from India’s silver imports jumping over twofold to $411.06 million in April.

The government also raised the import duty on gold and imposed restrictions on its imports this week.