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INDIA SILVER IMPORT RESTRICTIONS: A STRUCTURAL RESET FOR THE BULLION MARKET

Knowledge Series

India has executed the most sweeping restructuring of its silver import framework in recent history — deploying three policy instruments within five days that collectively amount to a structural reset of the country's bullion supply chain. A 15% import duty, a " Restricted" import classification, and a revised MCX Good Delivery framework for domestic refiners have together created a new market architecture. This report analyses the policy rationale, market implications, supply chain disruptions, and the medium-term outlook for silver prices, premiums, and sourcing channels in India.