Amendment in import policy conditions of Silver

15 May, 2020

Notification No. 05/2015-2020     Dated: 13th May, 2020

Issued By. DGFT

S.O. (E): In exercise of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the import policy conditions of Silver under Chapter 71 of ITC (HS), 2017, Schedule — I (Import Policy).

Exim Code

Item Description

Import Policy

Existing Policy Condition

Revised Policy Condition

71061000

Powder

Restricted

Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies)

Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies).

However, import of Silver under Advance Authorisation and supply of silver directly by foreign buyers to exporters under Para 4.45 of FTP against export orders are exempted.

71069100

Unwrought

Restricted

Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies)

Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies).

However, import of Silver under Advance Authorisation and supply of silver directly by foreign buyers to exporters under Para 4.45 of FTP against export orders are exempted.

71069210

Sheets, plates, strips, tubes  and pipes

Restricted

Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies)

Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies).

However, import of Silver under Advance Authorisation and supply of silver directly by foreign buyers to exporters under Para 4.45 of FTP against export orders are exempted.

71069290

Other

Restricted

Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies)

Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies).

However, import of Silver under Advance Authorisation and supply of silver directly by foreign buyers to exporters under Para 4.45 of FTP against export orders are exempted.

Effect of the Notification: Import of Silver under Advance Authorisation and supply of silver directly by foreign buyers to exporters under Para 4.45 of FTP against export orders are exempted.

This issues with the approval of Minister of Commerce & Industry.

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