Commerce ministry eases import norms for silver under scheme

The commerce ministry on Wednesday eased import norms for silver under a scheme with a view to promote shipments.

Silver imports at present are under the restricted category and allowed only through nominated agencies as notified by the RBI in case of banks and DGFT for other agencies.

Now, the Directorate General of Foreign Trade (DGFT), under the commerce ministry, has exempted silver imports from both these conditions under the advance authorisation scheme by amending the import policy guidelines.

Under the scheme, a firm is permitted to import inputs without any customs duty but with the condition of an export obligation within a certified time frame.

"Import of silver under advance authorisation and supply of silver directly by foreign buyers to exporters under ... FTP (foreign trade policy) against export orders are exempted," DGFT said in a notification.