The Directorate General of Foreign Trade (DGFT) has issued an important clarification regarding the import of silver under ITC (HS) Code 71069221. The clarification explains the requirements for import authorisation, importer eligibility, and the use of the India International Bullion Exchange (IIBX).
This update is important for silver importers, jewellers, traders, and businesses involved in import-export activities.
Key Highlights of the DGFT Clarification
1. Import Authorisation Is Mandatory
Silver classified under ITC (HS) Code 71069221 falls under the Restricted Import Policy. Therefore, importers must obtain a valid DGFT Import Authorisation, subject to applicable conditions and exemptions.
The authorisation covers the specific item, quantity, and value mentioned in it. Importers must comply with the conditions endorsed on their authorisation.
2. Separate Importer Eligibility Is Not Required
DGFT has clarified that importers holding a valid Import Authorisation do not need to separately qualify as a Nominated Agency, IFSC-qualified Jeweller, or Export-Oriented Unit (EOU), unless the authorisation specifically imposes such a condition.
3. Import Through IIBX Is Not Mandatory
Import through the India International Bullion Exchange (IIBX) is not compulsory for silver under ITC (HS) Code 71069221, unless the Import Authorisation specifically requires it.
4. Earlier Notification Conditions Do Not Apply
The conditions introduced under DGFT Notification No. 19/2026-27 dated 2 June 2026 do not apply to silver classified under ITC (HS) Code 71069221. Importers should ensure that the requirements applicable to their specific HS code are followed.
What Should Importers Do?
Importers planning to import silver under this HS code should:
- Obtain a valid DGFT Import Authorisation.
- Verify the authorised quantity, value, and product details.
- Check the specific conditions mentioned in the authorisation.
- Ensure compliance with applicable Customs clearance requirements.
Conclusion
The latest DGFT clarification provides greater clarity on silver import regulations, importer eligibility, and IIBX requirements. Importers should review their authorisation carefully to ensure smooth customs clearance and compliance with the applicable import policy.