Silver Import Policy Update: Changes in Chapter 71 of ITC (HS) 2022

Last updated: 17 January 2024

Notice Date : 15 January 2024

Quick Summary

The Ministry of Commerce and Industry has updated the import policy for silver under Chapter 71 of the ITC (HS) 2022. A new policy condition, 05, has been introduced. This allows for the 'Free' import of semi-manufactured silver paste, sheets, plates, strips, tubes, electrodes, wires, and silver brazing alloys for use as inputs in the manufacturing processes of Electrical, Electronics, Engineering, Glass, and Solar industries on an 'Actual User' basis. Imports for Research & Development by government or recognised institutions are also free. Other imports require authorisation from Nominated Agencies.

MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
NOTIFICATION
New Delhi, the 15th January, 2024
No. 57/2023

Subject: Amendment in policy condition of silver covered under Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022.

S.O. 175(E).—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 makes the following amendments under Chapter 71 of Schedule-1(Import Policy) of ITC(HS) 2022:

1. Policy Condition no. 05 of the Chapter 71 is introduced as under:

i. Import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, Silver Brazing Alloys(in any form), by Electrical, Electronics and Engineering industries including Glass and Solar Industries as input for their own manufacturing process on ‘Actual User’ Basis shall be ‘Free’.

ii. Import items mentioned at serial (i) above for Research & Development purposes by Government or Government Recognised Research Institutions shall also be ‘Free’.

iii. Import for other purposes is permitted through Nominated Agencies as notified by RBI (in case of banks) and DGFT (for other agencies).

For full notification please refer to the attachment.

FAQ :

A new policy condition (05) has been introduced under Chapter 71 of the ITC (HS) 2022, detailing specific conditions for silver imports.

Electrical, Electronics, Engineering, Glass, and Solar industries can import semi-manufactured silver paste, sheets, plates, strips, tubes, electrodes, wires, and silver brazing alloys freely for their own manufacturing processes.

These industries can import the specified silver items on an 'Actual User' basis as inputs for their manufacturing processes.

Yes, imports of semi-manufactured silver for Research & Development purposes by Government or Government-Recognised Research Institutions are also now 'Free'.

Imports for other purposes are permitted through Nominated Agencies as notified by the RBI (for banks) and DGFT (for other agencies).