India raises silver import duty to 15% and restricts silver bars

What changed

Duty up from 6% to 15%

From 13 May 2026 the effective customs duty on gold and silver bullion rose to 15%, reported as 10% basic customs duty plus a 5% Agriculture Infrastructure and Development Cess. It had been 6% since the Union Budget of July 2024. Jewellery findings were set at 5%.

Silver bars need a licence

Three days later, on 16 May, the Directorate General of Foreign Trade moved silver bars containing 99.9% or more silver (ITC HS 71069221) and other silver bars (71069229) from the "Free" to the "Restricted" import category. Imports now need a government authorisation. Reports linked both moves to pressure on the rupee and a larger import bill as oil prices rose during the conflict in West Asia.

What it does to the price

Duty is charged on the landed value, and GST is charged on top of the duty-paid value. So for every ₹100 of international silver:

That is about 8.5% more for the same silver. On today's prices, the duty alone is ₹27,647 per kg; see the full breakdown below.

Who is affected

• Jewellery buyers pay more for the metal; making charges are unchanged.
• Investors in bars and coins face higher prices, and imported 99.9% bars are harder to find. Domestically refined bars and coins remain available.
• Silver ETFs hold physical silver, so their prices in rupees also reflect the higher landed cost.
• Existing holders saw the value of their silver rise in rupee terms when the duty went up.

What to watch

Duty changes are usually announced in the Union Budget but can be made at any time by notification. If the rupee stabilises or oil prices fall, the government could revisit the increase. We update our formula the day any change takes effect; the current rate is always in how we calculate.