India DGFT changes import policy for silver bars from free to restricted

DGFT has amended the import policy for certain silver products through Notification No. 17/2026-27 dated 16 May 2026. The amendment changes the import status of silver bars classified under ITC(HS) codes 71069221 and 71069229 from “Free” to “Restricted” with immediate effect.

The affected categories include silver bars containing 99.9% or more silver by weight and other silver bar variants. Imports of these products will now be governed by Policy Condition No. 7 of Chapter 71 of ITC(HS) 2022.

The move introduces additional regulatory controls over silver imports and may affect procurement strategies of bullion traders, refiners and industrial users dependent on imported silver. Importers will need to ensure compliance with the revised policy conditions before placing orders or opening letters of credit.

The notification forms part of the government's broader effort to strengthen oversight of precious metal imports and monitor trade flows more effectively.