The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry, Government of India, has issued Notification No. 19/2026-27 dated 2nd June, 2026, amending the import policy conditions of specific ITC HS Codes covered under Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy), with immediate effect. The notification has been issued under the powers conferred by Section 3 and Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, read with paragraphs 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023, with the approval of the Minister of Commerce & Industry.
The notification amends the import policy conditions for the following five ITC HS Codes relating to Silver (including silver plated with gold or platinum), in unwrought, semi-manufactured, or powder form, all carrying a ‘Restricted’ import policy:
| ITC (HS) Code | Item Description | Import Policy |
| 71061000 | Silver — Powder | Restricted |
| 71069110 | Silver — Other (Unwrought): Grains | Restricted |
| 71069120 | Silver — Containing 99.9 per cent. or more by weight of silver | Restricted |
| 71069190 | Silver — Other (Unwrought): Other | Restricted |
Key Change — Revised Import Policy Condition:
Under the revised import policy conditions, imports of the above ITC HS Codes shall be permitted as follows:
[i] Through nominated agencies notified by the Reserve Bank of India (RBI) — in the case of banks;
[ii] By the Directorate General of Foreign Trade (DGFT) — in the case of other agencies, only against a valid Import Authorisation issued by the DGFT; and
[iii] By qualified jewellers as notified by the International Financial Services Centres Authority (IFSCA) — for import through India International Bullion Exchange (IIBX), only against a valid Import Authorisation issued by the DGFT (applicable to ITC HS Codes 71069110, 71069120, and 71069190).
Additionally, Silver dore can be imported by refineries against a license with AU (Advance Undertaking) condition (applicable to ITC HS Codes 71069110, 71069120, and 71069190).
Effect of the Notification:
The critical change introduced by this notification is the addition of a new mandatory requirement: non-bank agencies importing silver under the above ITC HS codes through DGFT-nominated channels shall henceforth be permitted to do so only against a valid Import Authorisation issued by the DGFT. This is a significant tightening of import controls on silver, aimed at curbing unauthorised or unregulated imports and strengthening regulatory oversight over precious metals trade in India. The revised conditions apply with immediate effect.
Background:
Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy) covers natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof. Silver, being a key precious metal, is imported by banks, financial institutions, refineries, jewellers, and trading entities. Import of silver has historically been subject to restrictions under the Foreign Trade Policy to ensure orderly market conditions and proper regulation. The current amendment aligns the import policy framework with the broader objective of tightening financial oversight and preventing the misuse of import channels for silver.
The Notification can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2026/06/Notification-No.-19.pdf
