The Directorate General of Foreign Trade (DGFT), Department of Commerce, Ministry of Commerce and Industry, vide Notification No. 17/2026-27 dated May 16, 2026, has amended the import policy of silver bars covered under ITC (HS) Codes 71069221 and 71069229 of Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy). The amendment has been carried out in exercise of the powers conferred under Section 3 and Section 5 of the 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, and shall come into force with immediate effect.
- Revision of Import Policy from “Free” to “Restricted”: The import policy of items covered under ITC (HS) Codes 71069221 (Silver Bar containing 99.9 percent or more by weight of silver) and 71069229 (Silver Bar – Other), which were earlier permitted under the “Free” category subject to RBI Regulations, has now been revised to the “Restricted” category, with imports henceforth being permitted only subject to Policy Condition No. 7 of Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy).
- Scope of Items Covered under the Amendment: The amendment specifically applies to silver bars classified under ITC (HS) Code 71069221, namely bars containing 99.9 percent or more by weight of silver, and ITC (HS) Code 71069229, covering all other silver bars falling under the residual sub-heading. The broader heading 7106 (Silver, including silver plated with gold or platinum, unwrought or in semi-manufactured forms, or in powder form) and sub-heading 710692 (Other – Semi-manufactured) remain unchanged.
- Applicability of Policy Condition No. 7 of Chapter 71: Pursuant to the revision, the import of the specified silver bars shall henceforth be regulated in accordance with Policy Condition No. 7 of Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy), which governs the channels, agencies and eligibility conditions through which restricted precious metal imports may be undertaken.
Effect of the Notification:
The import policy of items covered under ITC (HS) Code 71069221 and 71069229 stands revised from “Free” to “Restricted”, subject to Policy Condition No. 7 of Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy), with immediate effect. Consequently, importers of silver bars falling under the said tariff lines shall now be required to comply with the prescribed restricted-import framework, in place of the earlier free-import regime regulated through RBI Regulations.
The Notification can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2026/05/Notification-no.-17.pdf
