After Gold, Government Takes This Decision on Silver
On Saturday, the Central Government took a decision to restrict the import of silver. Previously, importing silver was a straightforward process; however, it has now been reclassified and placed under the ‘Restricted’ category.
This restriction has been imposed immediately following a steep hike in import duties on precious metals, raising them from 6% to 15%.
An official government notification said that, in addition to pure silver, obtaining government permission is now mandatory for importing silver that is plated with gold or platinum from abroad.
This implies that importers will now be required to obtain a license from the government to import these items.
These restrictions have been implemented with the objective of safeguarding foreign exchange reserves, reducing the trade deficit, and regulating the inflow of precious metals amidst escalating conflicts in West Asia and a weakening rupee.
Notably, Prime Minister Narendra Modi had appealed to the public to refrain from purchasing gold for one year, reduce the consumption of petrol and diesel, and avoid foreign travel, with the aim of conserving foreign exchange and mitigating the energy crisis.