DGFT notified the amendments in policy condition of silver covered under Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022

By:

The DGFT vide Notification No. 57/2023 dated January 15, 2024 notified the amendments in policy condition of silver covered under Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022.

In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby makes the following amendments under Chapter 71 of Schedule-1(Import Policy) of ITC(HS) 2022:

Policy Condition no. 05 of the Chapter 71 is introduced as under:

i. Import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, Silver Brazing Alloys(in any form), by Electrical, Electronics and Engineering industries including Glass and Solar Industries as input for their own manufacturing process on ‘Actual User’ Basis shall be ‘Free’.

ii. Import items mentioned at serial (i) above for Research & Development purposes by Government or Government Recognised Research Institutions shall also be ‘Free’.

iii. Import for other purposes is permitted through Nominated Agencies as notified by RBI (in case of banks) and DGFT (for other agencies).

The Import Policy condition for the following ITC(HS) Codes is amended as under:

ITC(HS) code & Description

Import Policy Existing Policy Condition

Revised Policy Condition

71069210

– Other: –Semi-manufactured

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). Subject to Policy condition no. 05 of this Chapter.
71069290

– Other: –Semi-manufactured

Other

Restricted Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and by qualified jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX).

Subject to Policy condition no. 05 of this Chapter. Import for other purposes is also permitted through Qualified Jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX).

Effect of the notification: Import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, Silver Brazing Alloys(in any form), by Electrical, Electronics and Engineering industries including Glass and Solar Industries as input for their own manufacturing process on ‘Actual User’ basis shall be ‘Free’. Import of given items for R&D purposes by Government or Government Recognised Institutions shall also be ‘Free’. Import for any other purposes shall be through specified agencies as per the earlier provisions.

The Notification can be accessed at: https://www.a2ztaxcorp.com/wp-content/uploads/2024/01/0427.pdf