The Government of India has revised the import policy for specific categories of silver bars under Chapter 71 of ITC (HS) 2022. Through the latest DGFT notification, imports of silver bars classified under ITC (HS) codes 71069221 and 71069229 have been shifted from “Free” to “Restricted” category with immediate effect.

This amendment is a significant policy move for bullion traders, importers, refiners, jewellery manufacturers, and businesses involved in precious metal supply chains.

What Has Changed?

Earlier, imports of silver bars under the following HS Codes were freely permitted subject to RBI regulations:

The revised policy now makes imports subject to Policy Condition No. 7 of Chapter 71 of ITC (HS) 2022.

Nature of the DGFT Update

This is an import policy amendment and restriction measure, not a new scheme or procedural relaxation. Therefore, the key focus is on the policy shift and its practical implications for importers.

Why This Amendment Matters

The move indicates tighter regulatory oversight over silver imports in India. Businesses importing bullion or semi-manufactured silver products may now require additional approvals, licensing compliance, or fulfillment of specified policy conditions before import clearance.

The amendment is likely aimed at monitoring precious metal inflows more closely and strengthening regulatory control over bullion imports.

Impact on Businesses

Importers dealing in silver bars may experience increased compliance requirements and possible delays in import planning if approvals become necessary under the restricted category.

Jewellery manufacturers and bullion traders relying on imported silver may need to reassess procurement timelines and inventory planning.

Businesses involved in international precious metal trade should immediately review:

1. Import contracts and shipment schedules
2. Applicable DGFT policy conditions
3. Customs documentation and licensing requirements
4. RBI-related compliance obligations

Immediate Action Points for Importers

Businesses importing silver under the affected HS codes should verify whether existing consignments are impacted by the revised policy and evaluate whether any authorization or approval process is now applicable.

Companies should also ensure correct HS classification to avoid customs disputes or shipment delays.

Preface Consulting Insight

Policy changes involving bullion and precious metals often create operational uncertainty for importers, especially where immediate-effect restrictions are introduced. Businesses should proactively assess compliance exposure and align import documentation with updated DGFT requirements to avoid clearance disruptions.

At Preface Consulting, we assist businesses with:

1. DGFT advisory and import compliance
2. HS classification support
3. Import licensing and regulatory guidance
4. Customs and trade documentation
5. International trade risk assessment

Businesses engaged in bullion and precious metal imports should closely monitor further clarifications or operational guidelines that may follow this notification.

Conclusion

The shift of silver bar imports from “Free” to “Restricted” marks an important policy tightening under India’s foreign trade framework. Importers must now adopt a more compliance-focused approach while planning future silver imports into India.

Early assessment and proper regulatory alignment will be essential to avoid supply chain disruptions and compliance risks.