Trivedi said the latest restrictions on silver imports do not amount to an outright ban, but rather indicate tighter control over the entry process. According to him, imports will now largely move through approved channels such as RBI-chartered banks, DGFT-recognized entities and jewelers operating through bullion exchanges.
He added that consecutive policy measures introduced in a short period appear to be aimed at managing foreign exchange outflows. Restricting silver imports could help curb immediate demand for dollars and ease pressure on India’s reserves.
As a result, domestic consumers could face higher silver prices and wider premiums, although the broader objective remains the protection of the country’s external account position, Trivedi said.