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Silver import restrictions: Central government imposes strict restrictions on silver import

  
  
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  The central government has implemented new rules for the import of silver. According to a government notification, the process of importing silver from abroad has now been tightened considerably so that unnecessary imports can be reduced within the country and the expenditure of foreign exchange can be controlled. Earlier, the government had also increased the import duty (tax) on gold and silver from 6 percent to 15 percent directly on May 13. The government has tightened the import rules for several categories of silver through a new notification. Till now, the import of silver was in the 'free' category, which has now been changed to the 'restricted' category. Under the new rules, no company or businessman will be able to directly import 99.9% pure silver bars, unrefined raw silver, silver powder, semi-finished silver, or gold-platinum plated silver into India.
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