Govt imposes curbs on silver imports after sharp rise in shipments
Business Standard
Image: Business Standard
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.
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