The central government on Saturday moved silver bars of 99.9 percent purity to the restricted import category. The step aims to conserve foreign exchange amid the West Asia crisis.
A Directorate General of Foreign Trade notification revised the import policy for items under HS codes 71069221 and 71069229 from free to restricted with immediate effect.
Imports for domestic consumption now require prior government authorisation. No curbs apply to silver imported for processing and value-added jewellery exports or by units in special economic zones.
The move follows a Wednesday decision to raise customs duty on gold and silver to 15 percent from 6 percent. Prime Minister Narendra Modi had urged citizens days earlier to avoid buying gold for a year to ease pressure on foreign exchange reserves.
