Notification No. 57/2023
The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), has implemented significant changes outlined in Notification No. 57/2023 on 15th January 2024.
These amendments specifically influence the import regulations concerning silver as per Chapter 71 of ITC(HS) 2022. The objective of this directive is to enhance and specify the conditions related to the import of semi-manufactured silver intended for diverse industries.
This notification introduces Policy Condition No. 05 in Chapter 71 of Schedule-1 (Import Policy) of ITC(HS) 2022 as its key point. This condition outlines that the import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, and Silver Brazing Alloys (in any form) by Electrical, Electronics, and Engineering industries, encompassing Glass and Solar Industries, for their own manufacturing processes on an ‘Actual User’ basis is categorised as ‘Free.’
Additionally, the import of these items for Research & Development purposes by the Government or Government Recognised Research Institutions is also classified as ‘Free.’ For other purposes, import is allowed through Nominated Agencies as notified by RBI (in the case of banks) and DGFT (for other agencies).
The amendments pertain to specific ITC(HS) codes, specifically 71069210 and 71069290, containing the import policy conditions for semi-manufactured silver sheets, tubes, plates, pipes, strips, and related items. Notably, the revised policy conditions now permit import from nominated agencies and qualified jewellers notified by the IFSCA for import from India International Bullion Exchange (IIBX).
The amendments introduced by DGFT Notification 57/2023 significantly impact the import policy concerning silver, specifically in semi-manufactured forms. The designation of ‘Free’ status for actual users in specific industries and R&D purposes demonstrates a nuanced approach aimed at facilitating crucial imports. The involvement of specified agencies in imports for other purposes ensures regulatory oversight and adherence to compliance standards.
Businesses engaged in silver-related product imports should comprehensively go through these amendments and align their operations with the updated policy conditions.
The flexibility provided for various purposes underscores the government’s commitment to balancing trade facilitation with essential controls. As the notification takes effect, stakeholders should remain vigilant for any further developments or clarifications from the DGFT to ensure seamless compliance.
To view the DGFT notification, click here.
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