India tightens silver import rules, mandates prior approval

India has tightened silver import rules, adding grain, powder and 99.9% content forms to the restricted category and requiring prior import authorisation from the Directorate General of Foreign Trade (DGFT). The move follows recent curbs on bars and semi‑manufactured silver and a hike in import tariffs on gold and silver to 15% (from 6%), aimed at cutting overseas purchases and easing pressure on the rupee. The measures — coming after record $12 billion spent on silver imports in the year to March 2026 and a 157% jump in April imports — add uncertainty for bullion traders and could reduce physical import demand, putting downward pressure on global silver prices, although strong investment inflows into silver ETFs may partly offset the impact.