New Delhi. The central government has taken a big decision to curb the increasing import of silver in the country. The government has put the import of many major forms of silver in the ‘restricted’ category, under which it will now be mandatory to obtain prior permission from the Directorate General of Foreign Trade (DGFT) for their import. This step is being considered as part of a broader strategy to reduce the pressure on foreign exchange and support the rupee.
There is a ban on these, there will be no import without permission
According to the notification issued by the government, silver grains, silver powder and silver with purity up to 99.9 percent have now been included in the ‘restricted’ category. This simply means that traders will no longer be able to import these goods without government permission. The government believes that rampant import of silver increases the country’s trade deficit and puts pressure on foreign exchange reserves.
Import duty has already been increased
It is noteworthy that in recent times the government has taken several steps to control the import of precious metals, both gold and silver. Earlier, the government had increased the import duty on silver from 6 percent to 15 percent. Now this latest decision to bring imports within the permissible limits is another strict step taken for saving foreign exchange and stability of the rupee. This decision is sure to have a direct impact on silver wholesalers and bullion market.
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