The DGFT has tightened its silver import policy, mandating valid import authorization for nominated agencies and IIBX jewellers. This change enhances regulatory compliance in silver imports.
DGFT Tightens Policy on Silver Imports
The Directorate General of Foreign Trade (DGFT) has introduced a stringent requirement for silver imports, stating that valid import authorization is now mandatory for nominated agencies and jewellers registered with the India International Bullion Exchange (IIBX). This policy shift is aimed at enhancing the formal regulation of silver trading and ensuring compliance with international trade norms.
Previously, such imports were allowed without stringent oversight, making the sector vulnerable to regulatory lapses. The new mandate will provide a more structured environment for silver imports, thereby promoting accountability among stakeholders.
Legal practitioners in the field of trade must advise clients involved in silver trading to ensure they possess the necessary authorizations to comply with this updated policy, avoiding potential penalties or disruptions in operations.
