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The Central Government amends the import policy conditions for silver under Chapter 71 of Schedule-1 of ITC (HS) 2022. Qualified jewellers notified by the IFSCA may import silver through the India International Bullion Exchange IFSC Ltd. This permission applies to specific HS codes in addition to nominated agencies notified by the RBI and the DGFT.
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To be published in the Gazette of India Extraordinary Part-II, Section-3, Sub-Section (ii) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Vanijya Bhawan, New Delhi
Notification No. 35/2023 New Delhi, Dated: $11^{\text{th}}$ October, 2023
Subject: Amendment in import policy condition of silver Covered under Chapter 71 of Schedule –I (Import Policy) of ITC (HS), 2022.
S.O. (E): In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby amends the import policy conditions for silver under HS codes 71069110 and 71069290 of Chapter 71 of Schedule-1(Import Policy) of ITC HS, 2022 as under:
ITC code | (HS) | Item Description | Policy | Existing policy condition | Revised policy condition 71069110 | Grains | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). Silver dore can be imported by refineries against a license with AU condition. | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). Silver dore can be imported by refineries against a license with AU condition. qualified jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX). Silver dore can be imported by refineries against a license with AU Condition. 71069290 | Other | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and qualified jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX).
This issue with the approval of Minister of Commerce & Industry.
[Image omitted. See the official document.]
(Santosh Kumar Sarangi) Director General of Foreign Trade & Ex-officio Addl. Secretary to Govt. of India Email: dgft@nic.in
(Issued from File No. 01/89/180/36/AM-11/PC-2[A]/E-1678)
