India Moves Silver Imports to Restricted Category Amid Surge
Government imposes curbs on import of silver, moves it to ‘restricted’ category

Image: Hindustan Times
The Indian government has shifted silver imports from a 'free' to a 'restricted' category, requiring government authorization for shipments. This decision follows a 157.16% annual increase in silver imports in April, aimed at conserving foreign exchange amidst rising pressures on forex reserves due to geopolitical tensions.
- 01The Directorate General of Foreign Trade (DGFT) issued a notification implementing the change effective immediately.
- 02Silver imports in April 2026 reached $411.06 million, up from $159.85 million in April 2025.
- 03In rupee terms, silver imports for April 2026 surged by 181.17% to ₹3,845.51 crore.
- 04Prime Minister Narendra Modi has urged citizens to conserve foreign exchange by avoiding non-essential purchases.
- 05India's forex reserves stand at over $690 billion, sufficient for 10 months of imports.
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On Saturday, the Indian government announced that silver imports would now require government authorization, moving the metal from a 'free' to a 'restricted' category. This decision comes after a staggering 157.16% increase in silver imports year-on-year in April, which raised concerns over the country’s foreign exchange reserves. The Directorate General of Foreign Trade (DGFT) confirmed that effective immediately, importers must obtain a license for silver shipments, particularly for bullion-grade silver containing 99.9% or more silver by weight. This regulatory change follows a recent hike in import duties on precious metals from 6% to 15%, aimed at curbing imports and preserving foreign currency for essential goods. In April alone, silver imports surged to $411.06 million, significantly higher than the $159.85 million recorded in the same month last year. The government is taking a cautious approach as geopolitical tensions impact forex reserves, which currently stand at over $690 billion.
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The import restrictions on silver may lead to higher prices for consumers and impact jewelry and manufacturing sectors reliant on silver.
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