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.