DGFT eases norms for silver import but restricts only through nominated agencies
New Delhi, May 14 (KNN) The Commerce Ministry has amended the import policy condition for Silver making norms a bit easier for import of certain kinds of silver.
The imports are however restricted and allowed only through nominated agencies as notified by Reserve Bank of India and the Directorate General of Foreign Trade (DGFT).
The DGFT has meanwhile exempted import of silver under Advance Authorisation and supply of silver directly by foreign buyers to exporters against export orders.
Advance authorisation is issued to allow duty free import of inputs, which is physically incorporated in export product.
“Import of Silver under Advance Authorisation and supply of silver directly by foreign buyers to exporters…against export orders are exempted,” DGFT said in a notification.
The changed conditions are applicable to silver powder, plates and sheets, and unwrought silver, among others. India imported $2.5 billion of silver in these forms in the April-January period.
As per the Foreign Trade Policy, foreign buyer may supply in advance and free of charge, gold, silver, platinum, alloys, findings and mountings of these metals for manufacture and export where export orders are placed on nominated agencies or exporters of three years standing having an annual average turnover of Rs 5 crore in preceding three financial years. Such supplies can also be in advance and may involve semi-finished jewellery including components for repairs, re-make and export subject to minimum value addition norms.