India Tightens Silver Import Rules Amid Measures to Defend Rupee
Silver bars displayed at a jewelry store in Mumbai, India.
Photographer: Dhiraj Singh/BloombergIndia tightened rules for imports of silver, one of a number of measures to preserve foreign-exchange reserves and defend the rupee after the currency sank to an all-time low.
The import of silver bars is now “restricted” rather than “free,” the government said in a notification on Saturday. That means only shipments licensed by India’s Directorate General of Foreign Trade can be brought into the country. The changes will be effective immediately.