India requires permission for imports of super pure silver forms
Business
India just rolled out tougher rules for bringing in silver: now you need special permission for grains, powder, and other super-pure forms.
This follows last month's clampdown on silver bars and semifinished goods.
The government is trying to keep the rupee steady and protect foreign exchange reserves as imports surge.
India's silver imports reached $12 billion
India imported $12 billion worth of silver in the last fiscal year, way up from $4.8 billion before.
April alone saw a 157% jump compared to last year, thanks to booming investment and industries like solar power and electronics.
With most silver coming from the United Arab Emirates, Britain, and China, and with uses outpacing traditional jewelry, the government has also hiked import duties from 6% to 15%.