The Directorate General of Foreign Trade (DGFT), vide notification no. 35/2023 S.O. 4423(E). issued on 11th October 2023 has notified the amendment in import policy condition of silver Covered under Chapter 71 of Schedule –I (Import Policy) of ITC (HS), 2022.
The notification stated that, apart from the designated agencies specified by the RBI for banks and those notified by the DGFT, individuals who have been officially recognized as qualified jewellers by the International Financial Services Centres Authority (IFSCA) will also have the authorization to import silver under the specified ITC(HS) codes through the India International Bullion Exchange IFSC Ltd. (IIBX).
By virtue of the authority vested in it through Section 3 and Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, in conjunction with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as subject to amendments over time, the Central Government hereby revises the import policy conditions for silver classified under HS codes 71069110 and 71069290, as described in Chapter 71 of Schedule-1 (Import Policy) of ITC HS, 2022, as follows:
| ITC (HS) code | Item Description | Policy | Existing policy condition | Revised policy condition |
| 71069110 | Grains | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). Silver dore can be imported by refineries against a license with AU condition. | 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). Silver dore can be imported by refineries against a license with AU Condition. |
| 71069290 | Other | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | 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). |
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