India puts silver grains, powder under restricted list; DGFT nod now mandatory for imports
DGFT has moved 99.9%-purity silver grains and powder to the restricted import list, mandating prior approval. The curbs follow a 15% duty hike and target record FY26 silver imports of $12B (up 157% YoY), squeezing jewellery retailers and bullion dealers reliant on duty-free routing.
India has placed silver grains, powder and 99.9%-purity silver products under the restricted import list, requiring DGFT approval. The move follows a duty hike to 15% and aims to curb record silver imports, directly impacting jewellery retailers and bullion dealers.