DGFT speeds up silver imports through IIBX, other nominated agencies

Imports of silver items are restricted which means a licence, authorisation, or permission is required from the government. As per the notice, applications accompanied by a self-declaration that the proposed imports shall be made on payment of customs duty at the generally applicable rate, without availing concessions, may be considered for expedited disposal under this procedure.

“To facilitate trade and improve ease of doing business, a simplified procedure is being introduced for expedited issuance of import authorisations, based on self-declaration and trust, for import of silver items...excluding silver dore, with a view to reducing processing time for genuine applicants,” the DGFT said.

It said that applications accompanied by a self-declaration that the proposed imports shall be made on payment of customs duty at the generally applicable rate, without availing concessions, may be considered for expedited disposal under this procedure.

Applications not covered under this category would be subject to detailed scrutiny and examination on merits in accordance with the applicable policy provisions, it added.

“As a one-time measure, existing applicants whose applications are presently pending on the DGFT portal shall be given an opportunity to revise their applications in accordance with the simplified procedure,” it said.

It added that import authorisations issued under this procedure would carry a condition that the authorised item shall be procured only through the India International Bullion Exchange (IIBX) or through Nominated Banks or notified agencies.

“The simplified procedure will make it easier for eligible applicants to obtain import authorisations and procure silver through IIBX at international prices, subject to applicable duties and policy conditions,” said Kirit Bhansali, Chairman, GJEPC.