Silver Import – After gold, government also imposed restrictions on import of silver, know complete details

Friends, the rising prices of gold and silver in the country have troubled the people a lot, understanding this problem, the government has tightened the rules on import of silver. Many categories of silver have now been removed from the ‘free list’ and put in the ‘restricted category’. The decision comes amid growing concerns over rising import bills, pressure on foreign exchange reserves and widening trade deficit. Let us know its complete details

• Several categories of silver have been placed in the “restricted” import category.

• Importers may now require special permission or licenses to import these silver products.

• The purpose of this step is to curb excessive import of precious metals and reduce pressure on the economy.

Why did the government take this step

The government’s concerns are increasing regarding the increasing demand for silver after the huge increase in gold prices and import duty. Since silver is still cheaper than gold, officials fear that investors and jewelry buyers may turn to buying silver in large numbers.

Import duty on both gold and silver was increased from 6% to 15%. Despite this increase, officials believe that silver imports may still increase due to strong domestic demand.

Experts warn that India’s current account deficit (CAD) and trade deficit may increase further due to unrestricted imports of gold and silver. The recent sanctions are seen as part of a broader strategy to handle external financial pressures.