India tightens rules for 99.9% pure silver imports, government says
India is tightening the rules for bringing in silver.
Now, anyone importing silver grains, powder, or similar forms with 99.9% purity needs a special license.
The government says this step will help cut down on gold and silver imports, protect the rupee (especially with all the global drama lately), and keep India's foreign exchange reserves in better shape.
Only nominated importers may import silver
Getting silver into India isn't as simple anymore.
Only those nominated by the RBI, DGFT, or authorized to use the India International Bullion Exchange (IIBX) can import it, with proper licenses on top of existing policies.
Plus, refineries wanting to bring in raw silver (dore) must have an actual user license.
It's all part of a bigger plan to curb surging gold and silver imports, contain the widening trade deficit, protect foreign exchange reserves, and ease pressure on the rupee amid the West Asia crisis.