Government tightens silver imports after steep hike in precious metal duties

Within days of levying high customs duties on precious metals, the government on Saturday imposed import curbs on silver. The government, on May 13, hiked import duty on precious metals from 6 per cent to 15 per cent. The import policy for silver, including silver played with gold and platinum, "are revised from free to restricted...with immediate effect," the Directorate General of Foreign Trade said in a notification. Goods under restricted category needs government license for imports.