India restricts most silver imports to cut import bill, support rupee

India has ordered immediate restrictions on imports of silver bars (99.9% purity) and most semi‑manufactured silver, aiming to curb shipments and ease pressure on the rupee. The move, coming after import duties on gold and silver were raised to 15% from 6%, is expected to cut silver inflows, tighten domestic supplies and lift local premiums — even as lower Indian demand could put downward pressure on global silver prices. India spent a record $12 billion on silver imports in 2025/26; April imports jumped 157% year‑on‑year. Authorities appear to favor limited industrial imports while discouraging investment‑oriented purchases in the short term.