**Policy Summary: Amendment to Import Policy Condition for Silver (ITC HS Codes 71069110 and 71069290)**
**Date:** October 11, 2023
**Issuing Authority:** Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India.
**Subject:** Amendment in import policy condition of silver Covered under Chapter 71 of Schedule I Import Policy of ITC HS, 2022.
**Notification No.:** 35/2023
**Purpose:** This notification amends the import policy conditions for silver under ITC HS codes 71069110 (Grains) and 71069290 (Other) within Chapter 71 of Schedule I of the Import Policy of ITC HS, 2022.
**Key Changes:**
* **Previous Policy:** Import of silver (both grains and other forms) was restricted and allowed only through nominated agencies as notified by the RBI in case of banks and DGFT for other agencies. Silver dore can be imported by refineries against a license with AU condition.
* **Revised Policy:** Import of silver (both grains and other forms) is allowed only through nominated agencies as notified by the RBI in case of banks, DGFT for other agencies and by 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.
**Legal Basis:** This amendment is issued in exercise of powers conferred by Section 3 and Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, read with paragraphs 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended.
**Contact Information:** For further information, contact DGFT via email at dgft@nic.in. The file number for reference is 01/89/180/36/AM11/PC2A/JE1678.
Key Entities Referenced
Foreign Trade Development Regulation Act, 1992: An act that confers powers to the Central Government to amend the import policy.
Foreign Trade Policy 2023: A policy document governing import and export regulations.
Chapter 71 of Schedule I Import Policy of ITC HS, 2022: Refers to the section of the Indian Trade Classification (Harmonized System) that covers silver and related products import policy.
Reserve Bank of India: The central bank of India, involved in nominating agencies for silver import.
Directorate General of Foreign Trade: A department under the Ministry of Commerce and Industry, responsible for implementing foreign trade policy.
India International Bullion Exchange: A platform for trading gold and silver, relevant for import through IFSCA.
International Financial Services Centres Authority: The regulatory body for the development and regulation of financial services in the International Financial Services Centres (IFSCs) in India.
Santosh Kumar Sarangi: Director General of Foreign Trade
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 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’ (HS)item Policy Existing policy|Revised _ policy
code Description condition condition
71069110 |Grains Restricted Import is allowed onlylmport is allowed
through nominatedjonly through
agencies as notifiedinominated
by RBI (in case offagencies as
banks) and DGFT (forjnotified by RBI (in
other agencies).|jcase of banks),
Silver dore can be|DGFT (for other
imported by refineriesjagencies) and by
against a license with|qualified jewellers
AU condition. 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 onlylmport is allowed
through nominated __jonly through
agencies as notifiedinominated
by RBI (in case oflagencies as
banks) and DGFT (forinotified by RBI (in
other agencies). case of banks),
DGFT (for other
agencies) and by
qualified jewellersas notified by the
IFSCA for import
through
India
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This issue with the approval of Minister of Commerce & Industry.
(Santosh Kumar Sarangi)
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Email: dgft@nic.in
(Issued from File No. 01/89/180/36/AM-1
1/PC-2[AJ/E-1678)