India mandates prior approval for silver grain imports
India now requires prior approval for silver grain and powder imports. The move aims to curb shipments and ease rupee pressure after record annual imports.
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India restricted silver imports in grain and powder forms on Tuesday, mandating prior authorization for all shipments to curb record spending. This move follows a surge in silver imports to $12 billion for the fiscal year ended March 2026, compared to $4.8 billion the previous year. The policy aims to stabilize the rupee and preserve foreign exchange reserves as higher oil prices increase pressure on the national trade balance.
