India tightens silver import controls amid foreign exchange concerns. The government has shifted import policy for high-purity silver bars from unrestricted to restricted status, requiring licenses for future imports. This follows a significant customs duty increase to 15% implemented in May, up from the previous 6%. The move aims to preserve precious foreign exchange reserves and reduce the country's import burden amid regional tensions. India imported 4.24 billion dollars of semi-manufactured silver in the last fiscal year, with roughly half sourced from the UK. Silver prices have climbed 12% since April, while April imports surged 157% year-on-year to 411 million dollars. Industry analysts suggest the licensing requirement prevents importers from circumventing higher duties through free trade agreements.
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