The DGFT vide Notification No. 35/2023 dated October 11, 2023, revised the import policy for silver in Chapter 71 of ITC (HS), 2022. The amendment extends import authorization to qualified jewellers approved by IFSCA, alongside nominated agencies by RBI and DGFT, enabling them to import silver under specific ITC(HS) codes via India International Bullion Exchange IFSC Ltd. (IIBX).
In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby amends the import policy conditions for silver under HS codes 71069110 and 71069290 of Chapter 71 of Schedule-1(Import Policy) of ITC HS, 2022 as under:
| ITC (HS) code | Item Description | Policy | Existing policy condition | Revised policy condition |
| 71069110 | Grains | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). Silver dore can be imported by refineries against a license with AU condition. | Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and by qualified jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX). Silver dore can be imported by refineries against a license with AU Condition. |
| 71069290 | Other | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and by qualified jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX). |
Effect of the notification: In addition to nominated agencies as notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by the International Financial Services Centres Authority (IFSCA) will be permitted to import Silver under above mentioned specific ITC(HS) codes through India International Bullion Exchange IFSC Ltd.