India tightens silver import rules, mandates prior approval

From brecorder.com

India has tightened restrictions on silver imports by adding grain and powder forms to the list of restricted categories and mandating prior valid import authorisation, as the world’s biggest consumer of the metal tries to rein in shipments and ease pressure on the rupee. Imports of silver in the form of grains, powder, other forms and where content is 99.9% silver are restricted, according to a government order issued on Tuesday, and importers would need to secure a valid import authorization from the Directorate General of Foreign Trade (DGFT). Last month, India had placed imports of silver bars with 99.9% purity ... (full story)