Liberalizing Silver Imports: Analyzing the Impact of DGFT Notification No. 57/2023 on India's Trade and Industry

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....t in policy condition of silver covered under Chapter 71 of Schedule -I (Import Policy) of ITC (HS) 2022 The Directorate General of Foreign Trade (DGFT) under India's Ministry of Commerce and Industry recently issued Notification No. 57/2023, dated January 15, 2024, which introduces significant amendments to the import policy of silver under Chapter 71 of Schedule -I (Import Policy) of ITC (H....

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....pment: Import of the items mentioned above for R&D purposes by government or government-recognized research institutions is also classified as 'Free'. This amendment is likely to foster innovation and development in silver-based technologies and products. * Amended Import Policy for ITC(HS) Codes 71069210 and 71069290: * The policy for importing semi-manufactured silver under these H....

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.... inclusion of qualified jewellers and the allowance for import through IIBX under the revised policy for specific HS codes could enhance the competitiveness and efficiency of the Indian jewellery sector, which is a significant contributor to the economy. Furthermore, this notification could also have a ripple effect on related industries and markets. For instance, the solar industry, which uses s....