Govt Restricts Silver Imports Amid Sharp Surge in Shipments

The Central Government has tightened regulations on silver imports by moving the precious metal from the “free” to the “restricted” category, making prior government approval mandatory for all imports. The decision comes after a sharp increase in silver imports, which surged by over 157% year-on-year in April 2026.

The move follows the government’s recent decision to increase import duties on precious metals, including gold and silver, from 6% to 15%. The aim is to reduce the country’s import bill and conserve foreign exchange reserves for essential sectors such as energy and fertilizers.

According to trade data, silver imports reached $411.06 million in April, significantly higher than $159.85 million during the same period last year. In rupee terms, imports climbed to ₹3,845 crore compared to ₹1,367 crore a year ago. The rise was also visible in March, when silver imports saw a major jump in both value and quantity.

The government’s latest measure reflects a cautious approach amid global uncertainties and pressure on foreign exchange reserves, while also seeking to control non-essential imports and maintain economic stability.