DGFT amends Import Policy of Condition of Silver From 'Restricted' to 'Free' [Read Notification]
The import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, and Silver Brazing Alloys by Electrical, Electronics, and Engineering industries, including Glass and Solar Industries for their manufacturing process on an 'Actual User' basis, is allowed freely, while import for R&D purposes by Government or Government Recognized Institutions is also exempt
DGFT – Import Policy – Condition of Silver – Restricted – ‘Free – taxscan
DGFT – Import Policy – Condition of Silver – Restricted – ‘Free – taxscan
The Directorate General of Foreign Trade (DGFT) has amended the import policy condition of silver from 'Restricted' to 'Free'. This has been conveyed through the notification no. 57/2023 dated 15th January 2024.
As per this amendment, the import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, Silver Brazing Alloys(in any form), by Electrical, Electronics and Engineering industries including Glass and Solar Industries as input for their own manufacturing process on ‘Actual User’ basis shall be ‘Free’.
In addition, the import of given items for R&D purposes by Government or Government Recognised Institutions shall also be ‘Free’. Also, the import for any other purposes shall be through specified agencies as per the earlier provisions.
In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby makes the following amendments under Chapter 71 of Schedule-1(Import Policy) of ITC(HS) 2022:
1. Policy Condition no. 05 of the Chapter 71 is introduced as under:
- Import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, Silver Brazing Alloys(in any form), by Electrical, Electronics and Engineering industries including Glass and Solar Industries as input for their own manufacturing process on ‘Actual User’ Basis shall be ‘Free’.
- Import items mentioned at serial (i) above for Research & Development purposes by Government or Government Recognised Research Institutions shall also be ‘Free’.
- Import for other purposes is permitted through Nominated Agencies as notified by RBI (in case of banks) and DGFT (for other agencies).
The Import Policy condition for the following ITC(HS) Codes is amended as under:
| ITC(HS) code & Description | Import Policy | Existing Policy Condition | Revised Policy Condition |
| 71069210 - Other: --Semimanufactured --- Sheets, plates, strips, tubes and pipes | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | Subject to Policy condition no. 05 of this Chapter |
| 71069290 - Other: --Semimanufactured --- Other | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and by qualified jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX). | Subject to Policy condition no. 05 of this Chapter Import for other purposes is also permitted through Qualified Jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX). |
To Read the full text of the Notification CLICK HERE
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