Notification No. 17/2026-27, Dated 16-05-2026
The Directorate General of Foreign Trade (DGFT) has issued a notification amending the import policy of silver under Chapter 71 of ITC (HS), 2022, Schedule I (Import Policy).
The amendment revises the import policy of specified silver bars covered under ITC (HS) Codes 71069221 and 71069229 from ‘Free’ to ‘Restricted’ with immediate effect.
1. Silver Items Covered Under the Amendment
The revised import policy applies to:
- Silver bars containing 99.9% or more silver falling under ITC (HS) Code 71069221; and
- Other silver bars falling under ITC (HS) Code 71069229
These items were earlier freely importable under the existing import policy framework.
2. Import Policy Changed to ‘Restricted’
Pursuant to the notification, the import policy of the above-mentioned silver products has been changed from:
- Earlier status – Free
- Revised status – Restricted
Accordingly, imports of such silver bars shall now be subject to regulatory restrictions and applicable approvals or conditions prescribed under the foreign trade framework.
3. Subject to Policy Condition No. 7 and RBI Regulations
The notification specifies that imports of the affected silver items shall be subject to:
- Policy Condition No. 7 of Chapter 71 of ITC (HS), 2022; and
- Applicable Reserve Bank of India (RBI) Regulations
Importers will therefore be required to ensure compliance with both foreign trade policy conditions and relevant RBI regulatory requirements governing precious metal imports.
4. Immediate Effect of Amendment
The notification has been issued with the approval of the Minister of Commerce & Industry and has come into force with immediate effect from the date of issuance.
5. Objective of the Amendment
The amendment seeks to regulate imports of specified silver bars by shifting them from a freely importable category to a restricted regime, thereby strengthening oversight and monitoring of precious metal imports under India’s foreign trade framework.
