Import Of Semi-Manufactured Silver Made Free For Actual User Industries

New Delhi, Jan 17 (KNN) The Directorate General of Foreign Trade (DGFT) issued a notification introducing amendments to the import policy of silver, on Monday.

This pertains specifically to Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022.

For the Electrical, Electronics, Engineering, Glass, and Solar Industries, the import of semi-manufactured silver in various forms (such as paste, sheets, plates, strips, tubes, electrodes, wires, and brazing alloys) for use as input in the manufacturing process is now categorised as 'Free' under the 'Actual User' basis.

This alteration is anticipated to invigorate these industries by reducing costs and increasing the availability of essential raw materials.

Additionally, for Research and Development purposes, the import of the mentioned items by government or government-recognised research institutions is also now classified as 'Free,' fostering innovation and development in silver-based technologies and products.

The policy for importing semi-manufactured silver under the HS codes 71069210 and 71069290 has also been revamped.

Previously restricted to nominated agencies as notified by the RBI and DGFT, the policy now includes provisions for qualified jewellers, as notified by the IFSCA, to import through the India International Bullion Exchange (IIBX). This modification aims to streamline the import process, making it more accessible to a broader range of businesses.

The economic and industry impact of these amendments is expected to be positive across various sectors.

The 'Actual User' basis provision ensures that industries directly utilising these materials for manufacturing will benefit from easier access and potentially lower costs.

The inclusion of qualified jewellers and the allowance for import through IIBX under the revised policy for specific HS codes could enhance the competitiveness and efficiency of the Indian jewellery sector, a significant contributor to the economy.

For more information, kindly refer to the notification: https://content.dgft.gov.in/Website/dgftprod/d6455700-fbb9-40ac-a0ba-3fed5090e567/0427.pdf

(KNN Bureau)