Page 24 - Bullion World Volume 4 Issue 2 February 2024

Bullion World | Volume 4 | Issue 2 | February 2024

DGFT has permitted import of silver through IIBX also. It reference at * as per DGFT Notification No. 57/2023
is gathered that a quantity of about 113 Tonnes of silver dated 15/01/2024.
grains has been imported through IIBX till January 23, 5. HS Code 71069220: Semi manufactured Silver Bars
2024 since launch of this contract on IIBX on December ( including silver bars plated with gold or platinum)
13, 2023 under the CEPA Agreement with UAE. Import Policy: Free
It is subject to RBI Regulations.
Duty free Silver can be imported by the exporters of 6. HS Code 71069290 : Other forms of Semi-
Gems & Jewellery either through Nominated Agencies manufactured Silver ( including Silver plated with
authorized RBI or DGFT or they can import directly gold or platinum)
against Advance Authorization license issued by DGFT. Policy: Free for Actual Users and Government
SEZ Units can also import duty free silver directly for Departments using for R& D purpose. But its import
manufacturing and export of jewellery. Small exporters is Restricted for others and can be imported through
have flexibility to use duty paid silver from domestic NA’s or QJs only.
market for manufacturing and export of silver jewellery It is subject to Policy Condition number 5 of Chapter
and subsequently they can claim duty drawback at 71 of FTP (Appended herewith for ready reference
notified rates of the Government as issued from time to at *. Import for other purposes is also permitted
time. through QJs as notified by
IFSCA for import through IIBX apart from NA’s
Foreign Trade Policy for import of silver in India authorized by RBI or DGFT as per DGFT Notification
Following is the latest Foreign Trade Policy of India No. 57/2023 dated 15/01/2024.
for import of silver with respective HS Codes and its
description: Condition Number 5 of Chapter 71 of the latest FTP
1. 1) HS Code 71061000: Silver Powder is as follows:
Import Policy Restricted For the purposes of this Chapter, any alloy (including
Import allowed only through Nominated Agencies a sintered mixture and an inter-metallic compound)
(NA’s) as notified by RBI ( in case of Banks) and containing precious metal is to be treated as an alloy of
DGFT (for other agencies) precious metal if any one precious metal constitutes as
2. HS Code 71069110 : Silver Grains (Unwrought) much as 2% by weight, of the alloy. Alloys of precious
Import Policy: Restricted metal are to be classified according to the following
Import allowed through Nominated Agencies (NA’s) rules:
as notified by RBI (in case of Banks) and DGFT (a) An alloy containing 2% or more, by weight, of
(for other agencies). Import is also allowed through platinum is to be treated as an alloy of platinum;
Qualified Jewellers (QJ’s) as notified by IFSCA (b) An alloy containing 2% or more, by weight, of gold
through IIBX, IFSC Gift City. but not platinum, or less than 2% by weight, of platinum,
Silver Dore can be imported by refineries against a is to be treated as an alloy of gold;
license with Actual User (AU) Condition. (c) Other alloys containing 2% or more, by weight, of
3. HS Code 71069190: Other forms of Unwrought silver are to be treated as alloys of silver.
Silver
Policy: Restricted Import Duties for Silver Bar, Grains and Silver Dore:
Import allowed only through Nominated Agencies Import duty on refined silver was last increased from
(NA’s) as notified by RBI (in case of Banks) and 10.75% (7.50% Basic+2.50% AIDC +10% of Basic duty
DGFT (for other agencies) as Social Welfare Surcharge) to 15% (10% Basic + 5%
4. HS Code 71069210 : Semi manufactured Silver in AIDC with exemption of SWS) on February 1, 2023.
the form of Sheets, Plates, Strips, Tubes and Pipes of Import Duty on Silver Dore was also last increased from
Silver ( including silver plated with gold or platinum) 9.21 % (Basic 6.10%+AIDC 2.50% + SWS10% of Basic)
to 14.35% (Basic 10% +AIDC 4.35% with exemption of
Policy: Free for Actual Users and Government SWS) on February 1, 2023.
Departments using for R& D purpose. But Restricted
for Others through NA’s only. Import Duty on Silver under CEPA with UAE
Custom duty on import of silver under the HS Codes
It is subject to Policy Condition Number 5 of Chapter 71061000, 71069110, 71069190, 71069210,
71 of the latest FTP (appended herewith for ready 71069220 and 71069290 as agreed by India in the

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